https://www.taxtmi.com/caselaws?id=780538 CESTAT held that VOSTRO transaction charges received in convertible foreign exchange for 01.04.2012-30.06.2012 qualify as export of services and are not liable to service tax; for the post-negative regime (from 01.07.2012) the recipients were located outside India so VOSTRO transactions likewise are not taxable and related demands set aside. Charges paid to SWIFT were held to be import of services falling within "banking and other financial services," so service tax demand on SWIFT charges was sustained. Penalties relating to SWIFT were waived under s.80 as a reasonable cause existed. Appeal partly allowed. en-us Thu, 30 Oct 2025 00:00:00 +0530 Sat, 01 Nov 2025 08:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=780538 CESTAT held that VOSTRO transaction charges received in convertible foreign exchange for 01.04.2012-30.06.2012 qualify as export of services and are not liable to service tax; for the post-negative regime (from 01.07.2012) the recipients were located outside India so VOSTRO transactions likewise are not taxable and related demands set aside. Charges paid to SWIFT were held to be import of services falling within "banking and other financial services," so service tax demand on SWIFT charges was sustained. Penalties relating to SWIFT were waived under s.80 as a reasonable cause existed. Appeal partly allowed. Case-Laws Service Tax Thu, 30 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=780538