Charges levied by Foreign Bank Not Taxable under Banking & other Financial Services

Kadri Mills (CBE) Ltd. Vs Commissioner of GST & Central Excise (CESTAT Chennai)

Introduction: The Chennai branch of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) recently ruled in favor of Kadri Mills (CBE) Ltd. in its appeal against the Commissioner of GST & Central Excise. The judgment concluded that the amount deducted by foreign banks towards banking charges is not taxable under “Banking and Other Financial Services,” thereby offering significant re

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