Levy of Service Tax on Depository Service under Banking & other Financial services.

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....irected to say that doubts have been raised as to whether Service Tax is payable on the services rendered by Central Depository Services (India) Limited (CDSL). CDSL is providing depository services in respect of DEMAT stocks to its customers. It has also implemented "Electronic Access to Securities Information" (easi), to enable the owner to access accounts in the first phase and transact deposit....

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....red under the service tax net.             However, this clarification is not applicable to services covered under other taxable services including "banking and other financial services" which are provided through INTERNET. 4. Service tax has been imposed on 'banking and other financial service' with effect from 16.07.2001. Deposito....