Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Banks are entitled to avail CENVAT credit on service tax paid to Deposit Insurance Credit Guarantee Corporation (DICGC) for insurance services, commission/brokerage paid to brokers for underwriting government securities or making investments to maintain Statutory Liquid Ratio under Banking Regulation Act, 1949. These activities are essential for banking operations and qualify as input services under CENVAT Credit Rules, 2004. The Larger Bench decisions of CESTAT in South Indian Bank and Bank of America cases have upheld this position, which has also been confirmed by High Courts. Penalty cannot be imposed if service tax with interest is paid before issuance of show cause notice, as per Section 73(3) of Finance Act, 1994.
Banks are entitled to avail CENVAT credit on service tax paid to Deposit Insurance Credit Guarantee Corporation (DICGC) for insurance services, commission/brokerage paid to brokers for underwriting government securities or making investments to maintain Statutory Liquid Ratio under Banking Regulation Act, 1949. These activities are essential for banking operations and qualify as input services under CENVAT Credit Rules, 2004. The Larger Bench decisions of CESTAT in South Indian Bank and Bank of America cases have upheld this position, which has also been confirmed by High Courts. Penalty cannot be imposed if service tax with interest is paid before issuance of show cause notice, as per Section 73(3) of Finance Act, 1994.
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