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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...
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CESTAT partially allowed the appeal. It held that VOSTRO-related commissions constituted export of services where payment was received in convertible foreign exchange and recipients lacked an Indian business establishment; demands for service tax on VOSTRO transactions for 01.04.2012-30.06.2012 and for the post-negative list period (through 31.03.2013) were set aside. Conversely, charges paid to SWIFT were held to be import of services falling within "banking and other financial services," and the service-tax demand in respect of SWIFT charges was sustained. Penalties relating to SWIFT were remitted under Section 80 of the Finance Act, 1994, on the ground of reasonable cause.
CESTAT partially allowed the appeal. It held that VOSTRO-related commissions constituted export of services where payment was received in convertible foreign exchange and recipients lacked an Indian business establishment; demands for service tax on VOSTRO transactions for 01.04.2012-30.06.2012 and for the post-negative list period (through 31.03.2013) were set aside. Conversely, charges paid to SWIFT were held to be import of services falling within "banking and other financial services," and the service-tax demand in respect of SWIFT charges was sustained. Penalties relating to SWIFT were remitted under Section 80 of the Finance Act, 1994, on the ground of reasonable cause.
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