Underwriting of government securities: service tax not leviable on primary dealers' underwriting commissions under current definitions. The circular concludes that because the statutory definitions of underwriting and underwriter refer to underwriting of securities of a body corporate, and government securities issued and auctioned by the Reserve Bank on behalf of the Central Government are not securities of a body corporate, service tax is not leviable on underwriting fee or underwriting commission received by Primary Dealers dealing in government securities.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Underwriting of government securities: service tax not leviable on primary dealers' underwriting commissions under current definitions.
The circular concludes that because the statutory definitions of underwriting and underwriter refer to underwriting of securities of a body corporate, and government securities issued and auctioned by the Reserve Bank on behalf of the Central Government are not securities of a body corporate, service tax is not leviable on underwriting fee or underwriting commission received by Primary Dealers dealing in government securities.
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