https://www.taxtmi.com/article/detailed?id=1610 Underwriting is defined by SEBI rules as engaging in underwriting of corporate securities and requires a SEBI certificate. Services rendered by an underwriter "in relation to underwriting in any manner" constitute a taxable service; service tax is levied on commission or brokerage payable to underwriters. The phrase "in relation to" is broad, covering direct and indirect connections with underwriting. Entities acting as lead managers who also undertake underwriting are treated as underwriters for service tax purposes, so merchant bankers providing underwriting services are taxed under the underwriting services classification rather than as banking services. en-us Tue, 28 Feb 2012 09:09:58 +0530 Tue, 28 Feb 2012 09:09:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1610 Underwriting is defined by SEBI rules as engaging in underwriting of corporate securities and requires a SEBI certificate. Services rendered by an underwriter "in relation to underwriting in any manner" constitute a taxable service; service tax is levied on commission or brokerage payable to underwriters. The phrase "in relation to" is broad, covering direct and indirect connections with underwriting. Entities acting as lead managers who also undertake underwriting are treated as underwriters for service tax purposes, so merchant bankers providing underwriting services are taxed under the underwriting services classification rather than as banking services. Articles Service Tax Tue, 28 Feb 2012 09:09:58 +0530 https://www.taxtmi.com/article/detailed?id=1610