Exemption on service provided by a nbfc

SURAJ.S (Querist) 06 October 2011 This query is : Resolved
Can any one quote me a case law and its source which states that the funding charges ( share of profit ) received by a NBFC carrying on Venture Capital Financing Activity is exempted from the applicability of Service Tax under the head Banking & Financial Services.

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R.RAJENDRAN (Expert) 07 October 2011
In respect of banking service [section 65(105)(zm)], the Bank or NBFC is required to pay ‘amount’ equal to 50% of Cenvat Credit availed on inputs and input services [Rule 6(3C) of Cenvat Credit Rules as inserted w.e.f. 1-4-2011].

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