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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Indian Banks Must Pay Service Tax on Fees by Foreign Banks for Import/Export Document Processing Per URC 522 & UCP 600.</h1> The circular clarifies that Indian banks must pay Service Tax on charges levied by foreign banks for processing import/export documents. It highlights that foreign banks provide services to Indian banks, not directly to Indian importers or exporters, as there is no direct agreement between them. The charges are deducted from remittances, and the foreign banks only deal with Indian banks. As per international conventions URC 522 and UCP 600, Indian banks are recognized as service recipients and must comply with Service Tax laws. Banks are urged to adhere to this clarification and settle past dues.
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