Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
Prospective sugar export prohibition required registered letters of credit; private contracts and export quotas created no enforceable continuation ri...
Retroactive interim-moratorium exclusion permits protective asset disclosure and preservation measures against personal guarantors pending arbitration...
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The appellants received services from AFL, Hong Kong during export realization, including a 3% fee and specified charges for transferring money to their accounts. Service tax was demanded on various charges deducted by foreign banks from export proceeds for remitting foreign exchange to appellants' accounts in India. The Tribunal held that the service of remittance by a foreign bank to an Indian exporter's bank is not liable to service tax under reverse charge mechanism. Relying on previous decisions, it observed that when foreign banks deduct charges for collecting export bills and remitting proceeds to Indian banks, exporters are not liable to pay service tax. Consequently, the demand, invocation of extended period, and penalties were set aside.
The appellants received services from AFL, Hong Kong during export realization, including a 3% fee and specified charges for transferring money to their accounts. Service tax was demanded on various charges deducted by foreign banks from export proceeds for remitting foreign exchange to appellants' accounts in India. The Tribunal held that the service of remittance by a foreign bank to an Indian exporter's bank is not liable to service tax under reverse charge mechanism. Relying on previous decisions, it observed that when foreign banks deduct charges for collecting export bills and remitting proceeds to Indian banks, exporters are not liable to pay service tax. Consequently, the demand, invocation of extended period, and penalties were set aside.
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