Service tax on repo and reverse repo transactions
This query is : Resolved
Armaan Anwar
(Querist)
07 September 2014
Where a Repo or Reverse Repo transaction happens between banks and RBI, is it transaction in money excluded from the definition of service ? If yes, the interest charged has to be considered as specified in negative list 'Specified financial services' and thereby no levy of Service tax ?
Is this contention right ? Plz clarify
CA R SEETHARAMAN
(Expert)
07 September 2014
Yes your contention is right it is included in specified Financial services
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