Reverse charge on recovery agent services places tax liability on the service recipient for banking and financial entities. Services supplied by a recovery agent to a banking company, a financial institution or a non-banking financial company are taxable under reverse charge ... Summary
Reverse charge on recovery agent services places tax liability on the service recipient for banking and financial entities.
Services supplied by a recovery agent to a banking company, a financial institution or a non-banking financial company are taxable under reverse charge from 11 July 2014; the service provider has no tax liability and the service recipient is 100% liable to discharge the service tax. Applicable recipients are defined by the statutory definitions of banking company, financial institution and non-banking financial company.
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