https://www.taxtmi.com/caselaws?id=282864 A bank acting as RBI's agent for Government banking transactions under the Reserve Bank of India Act, 1934 was held to fall within the exemption for services provided to or by RBI under Notification No. 22/2006-S.T. The Tribunal applied its Larger Bench ruling that, where a scheduled bank is appointed by RBI under Section 45, the bank performs RBI's agency functions in relation to Government business, and the commission received for that activity is not exigible to service tax under banking and other financial services. The service tax demand, along with the related interest and penalties, therefore did not survive. en-us Fri, 16 Nov 2018 00:00:00 +0530 Thu, 14 Nov 2024 13:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282864 A bank acting as RBI's agent for Government banking transactions under the Reserve Bank of India Act, 1934 was held to fall within the exemption for services provided to or by RBI under Notification No. 22/2006-S.T. The Tribunal applied its Larger Bench ruling that, where a scheduled bank is appointed by RBI under Section 45, the bank performs RBI's agency functions in relation to Government business, and the commission received for that activity is not exigible to service tax under banking and other financial services. The service tax demand, along with the related interest and penalties, therefore did not survive. Case-Laws Service Tax Fri, 16 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282864