Brokerage deducted by broker in INR from amt. payable to a foreign Re-insurance Co. qualifies as Export of Services

GST/EXCISE/ST/VAT : Where assessee, being a re-insurance broker, arranged for re-insurance for Indian insurers from appropriate reinsurers located abroad, and received from Indian insurance company entire amount due to overseas reinsurers, out of which they deducted their brokerage and remitted rest to overseas insurance company, amounts retained as brokerage were to be treated as receipts for export in foreign currency and therefore demand of service tax on such amounts would not be sustainable

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