Reverse charge not applicable on bank charges paid towards foreign currency transaction

Dishman Pharmaceuticals & Chemicals Ltd. Vs C.S.T.-Service Tax (CESTAT Ahmedabad) CESTAT Ahmedabad held that reverse charge not applicable on bank charges in respect of the foreign currency transaction between their local foreign banks engaged in facilitating the transfer of foreign exchange. Facts- This appeal has been filed by M/s Dishman Pharmaceuticals against the demand of service tax under the category of Banking and other Financial Services on charges paid by them in respect of their foreign currency transaction on reverse charge basis. Conclusion- CESTAT Ahmedabad in the case of Ra...