Discretion in Handling PPF Funds essential to fall under ‘Funds Management’ Service

State Bank of India Vs Commissioner of Service Tax (CESTAT Mumbai) Conclusion: In present facts of the case, the appeal was allowed and it was held that the PPF accounts are opened, maintained, by the Government and the funds of the PPF accounts are credited to the Public Account of India, which are ultimately used/invested in the manner prescribed under notification issued by the Department of Economic Affairs in the Ministry of Finance. Thus, there is no discretion for the appellant in handling the funds under the PPF accounts. Therefore, is no question of management of funds lying in the PP...