Brokerage on sale of RBI bonds not liable to ST

Brokerage on sale of RBI bonds can’t be charged to Service Tax as bonds are Govt. security

Service Tax : Brokerage received by a bank on sale of ‘RBI tax-savings bonds’, which were issued as part of borrowing programme of Government from public and were classifiable as ‘Government security’, cannot be charged to service tax.

[2015] 57 taxmann.com 405 (Mumbai – CESTAT)

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