Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
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The Tribunal, after examining relevant provisions, held that the insurance service provided by the Deposit Insurance Corporation to banks is an 'input service', and banks can avail CENVAT credit of service tax paid for this service for rendering 'output services'. The Larger Bench affirmed this view, and the Kerala High Court upheld the Tribunal's decision, which attained finality. Another Larger Bench in Bank of America case also affirmed this view. The Tribunal found no violation of Rules 4(7) and 9(1) by the appellant in availing CENVAT credit before invoice issuance. Registration with DICGC is compulsory for banks, and payment of insurance premium is integral to providing banking services, entitling banks to avail CENVAT credit. Accordingly, the impugned orders were set aside, and the appellant's appeals were allowed.
The Tribunal, after examining relevant provisions, held that the insurance service provided by the Deposit Insurance Corporation to banks is an 'input service', and banks can avail CENVAT credit of service tax paid for this service for rendering 'output services'. The Larger Bench affirmed this view, and the Kerala High Court upheld the Tribunal's decision, which attained finality. Another Larger Bench in Bank of America case also affirmed this view. The Tribunal found no violation of Rules 4(7) and 9(1) by the appellant in availing CENVAT credit before invoice issuance. Registration with DICGC is compulsory for banks, and payment of insurance premium is integral to providing banking services, entitling banks to avail CENVAT credit. Accordingly, the impugned orders were set aside, and the appellant's appeals were allowed.
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