The
Mumbai Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT)
held that services provided by DBS Bank’s Indian branch to its Singapore head
office in connection with External Commercial Borrowing (ECB) loans to Indian
borrowers could not be treated as “intermediary services” for service tax
purposes. The
Indian branch provided activities such as loan origination and referral,
structuring and coordination, credit assessment …
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