Service tax not leviable on Banking and Financial Institution Services prior to 16.07.2001

Paragon Finance Limited Vs Commissioner of Service Tax (CESTAT Kolkata) CESTAT Kolkata held that no service tax is leviable on Banking and Financial Institution Services prior to 16.07.2001. Accordingly, service tax not leviable on the agreements entered by the assessee with their clients prior to 16.07.2001. Facts- The assessee, being a non-banking financial company, was primarily engaged in financing operations predominantly lease and hire purchase for various assets. They have rendered such services from in long and received the service charges from their clients, but have not taken service...