The Ahmedabad Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), held that Service Tax is not leviable on deposit from customers as security deposit to trading of shares. The issue involved in the present case is that whether the appellant, Marwadi Shares & Finance Ltd is liable to pay Service Tax on the deposit taken by the appellant from their customers as security deposit against towards trading of shares which is subsequently refunded without utilizing the same.
Source Taxscan
Latest Posts in "India"
- India to Impose New Health and Security Tax on Tobacco Machinery, Amend GST Compensation Levy
- Punjab Trade, Tax Bodies Threaten Statewide Stir Over Delayed VAT, GST Refunds
- Briefing Document & Podcast: E-Invoicing and E-Reporting in India
- Meghalaya Extends VAT Exemption on Fruit Wine to 10 Years, Boosting Local Wine Industry
- Allahabad HC: Arbitrary GST Registration Cancellations Without Reasons Amount to ‘Economic Death’ for Businesses
