https://www.taxtmi.com/caselaws?id=243396 Brokerage received by a bank for selling RBI tax savings bonds was treated as outside service tax because the bonds formed part of the Government borrowing programme and qualified as Government securities under the Public Debt Act, 1944. Applying the CBE&C clarification that no service tax is leviable on underwriting fee or commission for dealing in Government securities, the same treatment was extended to brokerage on their sale. The activity was also regarded as a statutory or sovereign function, so the service tax demand and penalties could not survive and were set aside with consequential relief. en-us Wed, 04 Dec 2013 00:00:00 +0530 Sat, 04 Jul 2015 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243396 Brokerage received by a bank for selling RBI tax savings bonds was treated as outside service tax because the bonds formed part of the Government borrowing programme and qualified as Government securities under the Public Debt Act, 1944. Applying the CBE&C clarification that no service tax is leviable on underwriting fee or commission for dealing in Government securities, the same treatment was extended to brokerage on their sale. The activity was also regarded as a statutory or sovereign function, so the service tax demand and penalties could not survive and were set aside with consequential relief. Case-Laws Service Tax Wed, 04 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243396