Interpretation of Law / Statute

This query is : Resolved

Guest

Guest (Querist)

14 February 2011 I am repeating here under few provisions of Finance Act, 1994 and other statutes as under :-

Sec. 65 of the Finance Act, 1994 (Relevant to Servicetax) reads as under :-

65. In this chapter, unless the context otherwise requires,-

(12) ”banking and other financial services” means –

(a) the following services provided by a banking company or a financial institution including a non-banking financial company or any other body corporate or (Up to 31.05.2007) any other person , namely :-
(i) financial leasing services ………………………and so on …………

(14) “ body corporate” has the meaning assigned to it in clause (7) of Section 2 of the Companies Act, 1956.

(12)(105) “taxable service” means any service provided or to be provided –

(zm) to a customer / to any person (now) by a banking company or a financial institution including a non-banking financial company or any other body corporate or (up to 30.04.2006) commercial concern / (Up to 31.05.2007) any other person / (after 31.05.2007) commercial concern, in relation to banking and other financial services.

Sec 2(7) of the Companies Act- “body corporate” includes a company incorporated outside India but does not include –
(a) corporate sole;
(b) a co-operative society registered under any law relating to co-operative societies and
(c) any other body corporate (not being a banking company………..)

Query - On the basis of above definitions, (1) Whether a co-operative bank (co-operative society) is out of definition of body corporate and the co-operative society is exempted from service tax being a body corporate so far as banking services are concerned by exclusion through definition or
(2) Is it covered by terms ‘any other person’ or ‘commercial concern’ and liable for service tax..

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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15 February 2011 in the light of Notification No. 35/2004-Service Tax, dated 3rd December, 2004 prescribes that the person making payment towards freight would be liable to pay the service tax, in case the consignor or the consignee of the goods transported :-

co-operative society

Guest

Guest (Querist)

15 February 2011 My query is very specific for particular provisions. Morever, any notification or circular against the tax payer is subject to challenge. Please interpretate the law mentioned above. Pl. see that I have modified the query.

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Guest

Guest (Querist)

15 February 2011 My query is open.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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15 March 2011 explain in details i could not understood ?