Service tax on Clearing and Forwarding Agency Services - The nature of transaction is required to be determined on the basis of the substance there and not by the nomenclature used

Service tax on Clearing and Forwarding Agency Services - The nature of transaction is required to be determined on the basis of the substance there and not by the nomenclature used - Supreme Court https://www.taxtmi.com/news?id=392 Determination of service tax coverage depends on the substance of the contractual relationship, not the agreement's title; contractual terms-read as a whole-must be examined to decide whether obligations (storage, insurance surveys, stock guarantees, tax collection, authority to sell, issuance of statutory forms) render the party a clearing and forwarding agent or an agent acting only on behalf of the principal. The matter was remitted for factual determination of the principal activity and resulting service tax liability. en-us Mon, 28 Apr 2008 23:15:00 +0530 Mon, 23 Jun 2008 16:06:00 +0530 TaxTMI RSS Generator Service tax on Clearing and Forwarding Agency Services - The nature of transaction is required to be determined on the basis of the substance there and not by the nomenclature used - Supreme Court https://www.taxtmi.com/news?id=392 Determination of service tax coverage depends on the substance of the contractual relationship, not the agreement's title; contractual terms-read as a whole-must be examined to decide whether obligations (storage, insurance surveys, stock guarantees, tax collection, authority to sell, issuance of statutory forms) render the party a clearing and forwarding agent or an agent acting only on behalf of the principal. The matter was remitted for factual determination of the principal activity and resulting service tax liability. News - Mon, 28 Apr 2008 23:15:00 +0530 https://www.taxtmi.com/news?id=392