Post by Alvarez & Marsal

Karnataka High Court holds that maintaining Minimum Average Balance (MAB) is a contractual condition, not “consideration” for banking services, and therefore cannot be used to levy service tax on account based free facilities. A&M’s latest insight provides an overview of the ruling’s scope, its potential impact, and the key takeaways to keep in mind. Read more: https://okt.to/F0QkhM #AMon #AlvarezandMarsalIndia #IndiaTax #tax #KarnatakaHighCourt #regulatory