Fema / RBI : With the objective of increasing insurance penetration using the entire network of bank branches, the Finance Minister in the budg...
Service Tax : Any service provided by the Government is not taxable since it is covered under the Negative List. However certain services (speci...
Service Tax : Government of India charges a certain % of amount borrowed as Guarantee fees for the Guarantee provided to the ECB Lender. Usually...
With the objective of increasing insurance penetration using the entire network of bank branches, the Finance Minister in the budget speech 2013-14 announced that banks will be permitted to act as insurance brokers. Consequent to the announcement, IRDA formulated and notified the IRDA (Licensing of Banks as Insurance Brokers) Regulations, 2013 to enable banks to take up the business of insurance broking departmentally.
Any service provided by the Government is not taxable since it is covered under the Negative List. However certain services (specified in section 66D (a)(i) to (iv) of the Finance Act, 1994) provided by government are taxable as they are covered under exceptions to the negative list.
Government of India charges a certain % of amount borrowed as Guarantee fees for the Guarantee provided to the ECB Lender. Usually Service Tax is applicable on the Guarantee fee charged by Banks and other institutions but whether it is applicable in the case where GoI is providing guarantee in respect of an ECB?
