Foreign banks under scanner of service tax authorities

A day after Finance Minister Arun Jaitley sent a stern message to corporates and foreign investors saying levy of legitimate taxes is not terrorism, ET NOW learns that several leading foreign banks have come under the scanner of service tax authorities.

“The service tax department has kick-started an extensive probe against several leading foreign banks claiming service tax payments on the expenditure incurred by the head offices of these foreign banks which is attributable to domestic branches,” two individuals familiar with the development told ET NOW. ET NOW was the first to report the development.

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