RBI:
The Reserve Bank of India (RBI) on Friday asked banks to discontinue the practice of levying penalty on non maintenance of minimum balance in ordinary savings bank account, a move that may hit the fee-based income of banks and will benefit the public at large.
SERVICE TAX:
CBEC has amended the definition of Governmental Authority as provided under clause (s) of Para 2 of the Mega Exemption Notification No. 25/2012-ST dated June 20, 2012 and expanded the definition of “Governmental Authority” and widens the exemption base for service tax as under:
Para 2(s) “Governmental authority” means an authority or a board or any other body;
(i) set up by an Act of Parliament or a State Legislature; or
(ii) established by Government, with 90% or more participation by way of equity or control, to carry out any function entrusted to a municipality under article 243W of the Constitution.
For Details, please visit http://www.servicetax.gov.in/notifications/notfns-2014/st02-2014.htm.
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