Overseas transaction- import of service
This query is : Resolved
CA Nikhil Jhanwar
(Querist)
02 August 2012
Legal Position: As per Def. of ‘Service’ under Explanation 2 to Section 65B(44), two establishments of same person one in taxable territory and another in non-taxable territory shall be treated as distinct establishments.
Transaction: Service provided by Indian Bank to Indian Company through its Singapore Branch of Indian Bank-
My View: In this case two activities are involved resulting into provision of service.
(i) Service provided by Singapore Branch to Indian Bank (Taxable as import of service)
(ii) Service provided by Indian Bank to Indian Co. (also taxable)
Pls. Confirm whether above view is correct.
Transaction: Service provided by Indian Bank to Indian Company through its Singapore Branch of Indian Bank-
My View: In this case two activities are involved resulting into provision of service.
(i) Service provided by Singapore Branch to Indian Bank (Taxable as import of service)
(ii) Service provided by Indian Bank to Indian Co. (also taxable)
Pls. Confirm whether above view is correct.
Amol S Joglekar
(Expert)
02 August 2012
Indian bank is name or adjective? Taking it to be name (One of the nationalised bank)ans i: yes, your contention is correct. ans ii:Indian Bank say Nariman point branch to any Indian company.. it is taxable
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