https://www.taxtmi.com/caselaws?id=206228 The Tribunal confirmed the demand of Service Tax and Education Cess for credit card services under the Finance Act, 1994. Interest, penalties, and the extended period of limitation were upheld due to the appellant's failure to pay taxes. The classification of credit card services as taxable under "Banking and Other Financial Services" was affirmed, regardless of reclassification in 2006. CBEC circulars did not exempt the appellant from tax liability pre-2006. The appellant was granted a tax-cum-price benefit, leading to a recomputation of tax liability. Penalties and interest were maintained, with the case remanded for the revised tax calculations. en-us Tue, 26 Jul 2011 00:00:00 +0530 Wed, 28 Dec 2011 15:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206228 The Tribunal confirmed the demand of Service Tax and Education Cess for credit card services under the Finance Act, 1994. Interest, penalties, and the extended period of limitation were upheld due to the appellant's failure to pay taxes. The classification of credit card services as taxable under "Banking and Other Financial Services" was affirmed, regardless of reclassification in 2006. CBEC circulars did not exempt the appellant from tax liability pre-2006. The appellant was granted a tax-cum-price benefit, leading to a recomputation of tax liability. Penalties and interest were maintained, with the case remanded for the revised tax calculations. Case-Laws Service Tax Tue, 26 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206228