Law: Federal Excise Act, 2005

Section: 8,9,2(16a),2(23),34A(5)

Law: Customs Act, 1969

Section: FirstSchedule

(a) Federal Excise Act (VII of 2005)--- ----Ss. 2(16a)(23), 3, 16(1) & First Sched. Table-II, Entry No.8---Customs Act (IV of 1969), First Sched. Heading No. 98.13---Services provided by Financial Institutions i.e. transactions of insurance commission---Liability to pay excise duty on such transaction for period from January to June 2007---Validity---Services specified only in First Sched. of Federal Excise Act, 2005 would be liable to excise duty, while all other unspecified services, though falling within ambit of S.2(23) thereof, would be exempt from excise duty---Such transaction would not be liable to excise duty for not having been mentioned in twelve services listed in Entry-8 of First Sched. of Federal Excise Act, 2005. (b) Federal Excise Act (VII of 2005)--- ----Ss. 2(16a)(23), 3, 16(1) & First Sched. Table-II, Entry No. 8---Customs Act (IV of 1969), First Sched. Heading No. 98.13---Services provided by Bank i.e. merchant discounts on use of credit-card by its holder---Liability to pay excise duty on such services for period from January to June 2007---Validity---Services only specified in First Sched. of Federal Excise Act, 2005 would be liable to excise duty, while all other unspecified services, though falling within ambit of S.2(23) thereof, would be exempt from excise duty---Period from January to June, 2007 had nothing to do with "non-fund banking services"---Merchant discount, thus, paid by retailers to Bank could not be regarded as services of "credit card,.. processing". (c) Federal Excise Act (VII of 2005)--- ----Ss. 2(16a)(23), 3, 16(1) & First Sched. Table-II, Entry No. 8--Services provided by Bank i.e. merchant discounts on use of credit-card by its holder---Liability to pay excise duty on such services for period from July, 2007 to December, 2008---Validity---Service No. 11 listed in Entry 8 of First Sched. of Federal Excise Act, 2005 related to "credit and debit card issuance, processing and renewal"---Credit card "processing" would apply only in relation to credit card and/or its holder, but would not apply in relation to commission earned by Bank from retailers for having kept credit card machines at its business…