Service Tax on purchase and sale of foreign currency
This query is : Resolved
Uday Kanth
(Querist)
26 March 2009
Need information on the applicability and the interpretaion to be taken on teh applicability of service tax on purchase and sale of foreign currency including money changing provided by foreign exchange broker including an dauthorised dealer in foreign exchange or an authorised money changer.
I am refering to Notification No 19/2008- Service tax
Early replies will be of define help
I am refering to Notification No 19/2008- Service tax
Early replies will be of define help
Tushar Yerawar
(Expert)
26 March 2009
The person liable to pay service tax can pay the tax @0.25% of the gross value of money exchange (say 100$ @ Rs.50 so on Rs.5000) instead of 10.3% of the gross value if the charges of money changer are not seperately shown in invoice.
If charges/commission is seperately showned on invoice then service tax should be paid @10.3% of such charges or commission.
If charges/commission is seperately showned on invoice then service tax should be paid @10.3% of such charges or commission.
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