No.10/2014-Service Tax
As per the notification The amendment says that “Services provided by recovery agents to banks, financial institutions and NBFC to be brought under reverse charge mechanism; service receiver will be liable to pay service tax. The words recovery agents would also include seizing agencies as well as they too help in recovery of receivables and provide recovery services”.
The changes are with effect from 11th July’2014
As per the notification The amendment says that “Services provided by recovery agents to banks, financial institutions and NBFC to be brought under reverse charge mechanism; service receiver will be liable to pay service tax. The words recovery agents would also include seizing agencies as well as they too help in recovery of receivables and provide recovery services”.
The changes are with effect from 11th July’2014
As per the Amendment under Service Tax & Introduction of Service Tax on
Recovery agent under Reverse charge, same is given for
understanding:-
1) Date of Applicability:-
11.07.2014
2) Applicable for
Service Receiver- Banks, Financial Institutes & Non Banking
Companies.
3) 100% of
service tax shall be deposited by service receiver.
4) Service tax payable
under reverse charge cannot adjust with input credit of services
5) CENVAT
Credit of service tax paid under full reverse charge shall be
available to the assessee immediately on payment of such
service tax .
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