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No service tax on banks for insuring deposits

No service tax on banks for insuring deposits
PTI
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First Published: Sun, Mar 22 2009. 10 51 PM IST
Updated: Sun, Mar 22 2009. 10 51 PM IST
New Delhi: The proposal of imposing service tax on banks for insuring their deposits with an RBI subsidiary has been turned down.
The Central Board of Excise and Customs (CBEC) has overruled the proposal in this regard by the Commissionerate of Central Excise and Service Tax, large taxpayer unit, people close to the development said.
The commissionerate, part of the CBEC, was of the view that activities of the corporation are services and should attract tax under the head ‘General insurance Business’ with effect from 1 May 2006.
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First Published: Sun, Mar 22 2009. 10 51 PM IST