St payable or not for bank dsa
This query is : Resolved
31 December 2013
Sir
i have a business of finance & insurance behalf of some banks & insurance companies.
iam a authorised agent of banks ,
iam achieved my slabs & bank paid my commision on monthly basis after deduct TDS.
iam not raising any bills to customer so please confirm how iam calculate my service tax.
iam registered my ST as a banking & financial services in ST1.
i have a business of finance & insurance behalf of some banks & insurance companies.
iam a authorised agent of banks ,
iam achieved my slabs & bank paid my commision on monthly basis after deduct TDS.
iam not raising any bills to customer so please confirm how iam calculate my service tax.
iam registered my ST as a banking & financial services in ST1.
01 January 2014
Sir
As per the details provided,it appears as you are working as agents of banks.Therefore you are covered under Business auxilliary services and are liable to pay service tax.
Service tax shall be calculated at 12.36% of commission income.
As per the details provided,it appears as you are working as agents of banks.Therefore you are covered under Business auxilliary services and are liable to pay service tax.
Service tax shall be calculated at 12.36% of commission income.
02 January 2014
Iam a direct selling agent of bank & NBFC & insurance companies & iam registered my service tax as a banking & financial services.
please confirm registeration is done under banking & financial service OR any other sector.
please confirm registeration is done under banking & financial service OR any other sector.
02 January 2014
Dear Sir
As per the definition of Business Auxialliary Services (BAS)provided in section65(105)(zzb),it says BAS means
(ii)any service in relation to promoting or marketing of services provided by client.
Your case is covered under the above defination.You as service provider are promoting and marketing services provide by the client (i.e Banks,Insurance Companies)(Service Receiver).
Therefore you are providing services to the Bank and are working on a commission.
Hence you would be covered under BAS only.
For your reference please go through the following case law
:Ace Credits Vs CCE,Manglore
As per the definition of Business Auxialliary Services (BAS)provided in section65(105)(zzb),it says BAS means
(ii)any service in relation to promoting or marketing of services provided by client.
Your case is covered under the above defination.You as service provider are promoting and marketing services provide by the client (i.e Banks,Insurance Companies)(Service Receiver).
Therefore you are providing services to the Bank and are working on a commission.
Hence you would be covered under BAS only.
For your reference please go through the following case law
:Ace Credits Vs CCE,Manglore
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