Service tax on overseas advisory services: Tata Asset Management Wins Appeal

Tata Asset Management Limited Vs Commissioner of CGST & Central Excise Mumbai South Commissionerate (CESTAT Mumbai) Tata Asset Management Limited (TAML) contested a service tax demand issued by the Principal Commissioner of CGST & Central Excise, Mumbai South Commissionerate. The department alleged that the services provided by TAML to overseas clients—primarily advisory services in investment management—were subject to service tax. This demand was based on the argument that TAML acted as an intermediary between foreign investors and India-based securities, thus shifting the place ...