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The objective of writing this detailed article is to create awareness among taxpayers, as to how impactful a reply to notice can be made. We have also provided links to our previous articles, which may be referred for in-depth analysis.

Key takeaways from this article –

• Create awareness among taxpayers, the importance of responding to letters/notices issued by the department.
• Knowing the means of communication of notice by the department under GST
• How to handle such notices,...

Banks are registered under service tax in the category of ‘Banking and Financial Services’. They collect and pay service tax on its various incomes such as commissions, bank charges, documentation charges, processing fees etc. levied on its customers. However, one of the major revenues earned by the banks is in the form of interest which is outside the purview of service tax as the same is covered in the negative list. Now as per Rule 6(3B) of the CENVAT Credit Rules, 2004, the banking...