Investment advisory services to foreign companies qualifies as export of service

Last updated: 02 September 2023

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The Delhi High Court has ruled that investment advisory services provided by an Indian company to overseas group companies qualify as an export of services. The court found that the Indian entity was providing direct advisory support and was not acting as an intermediary. Consequently, the High Court set aside previous rejections of refund claims for unutilised Input Tax Credit and ordered the matter to be reconsidered promptly.

Court :
Delhi High Court

Brief :
The Hon'ble Delhi High Court in M/s. Cube Highways and Transportation Assets Advisor Private Limited v. Assistant Commissioner CGST Division & Ors. [W.P.(C) 14427 of 2022 dated August 17, 2023] held that, the advisory services were treated as ‘export of services' under service tax and the assessee was not treated as ‘Intermediary' under the Finance Act, 1994 ("the Finance Act") and since, the definition of ‘Intermediary' is similar to the definition under Sub-section (13) of Section 2 of the Integrated Goods and Services Tax Act, 2017 ("the IGST Act") therefore the advisory services to be treated as export of service.

Citation :
W.P.(C) 14427 of 2022 dated August 17, 2023

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Judgement posted by

Bimal Jain

Service

FCA, FCS LLB with21 Yrs of Experience inTaxation Indirect and Direct: Education Qualification: B.Com (Hons) Chartered Accountants Company Secretary LLB Qualified SAP FI/CO Consultants Professional Membership: Chairmanof Indirect Tax Committee of PHD Chamber of Commerce Member of Indirec ... Read more

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