Mandatory pre deposit of 7.5% of demand as per amended section 35F is prospective

Issue before court: Whether the receipt of Letter of Credit Margin/Trade margin by the petitioner in convertible foreign exchange for rendering service to various overseas buyers are liable to service tax under the category of Business Auxiliary Services as per Section 65(19) of the Finance Act. Whether amendment to section 35F is prospective in nature. Brief facts: Petitioner is engaged in the business of sourcing orders for Foreign Buyers to procure Indian Garments. After receiving orders from the buyers from abroad, the petitioner placed orders on different vendors/manufacturers in India...