Taxability of services to the Reserve Bank of India: such services are taxable unless specifically exempted. Services provided to the Reserve Bank of India are subject to service tax because they are not in the negative list and, if covered by reverse charge, the Reserve Bank is liable to pay service tax; however, services received from outside India for management of foreign exchange reserves - including external asset management, custodial services and securities lending - are exempt under the specified notification.
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Provisions expressly mentioned in the judgment/order text.
Taxability of services to the Reserve Bank of India: such services are taxable unless specifically exempted.
Services provided to the Reserve Bank of India are subject to service tax because they are not in the negative list and, if covered by reverse charge, the Reserve Bank is liable to pay service tax; however, services received from outside India for management of foreign exchange reserves - including external asset management, custodial services and securities lending - are exempt under the specified notification.
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