Service Tax on financial leasing services is Constitutionally valid -SC

Service tax is a Value Added Tax (`VAT’ for short) which in turn is a destination based consumption tax in the sense that it is levied on commercial activities and it is not a charge on the business but on the consumer. That, service tax is an economic concept based on the principle of equivalence in a sense that consumption of goods and consumption of services are similar as they both satisfy human needs. Today with the technological advancement there is a very thin line which divides a “sale” from”service”. That, applying the principle of equivalence, there is n...