One of my friends dealing in Money Exchange [Franchisee], with an annual turnover ofone crore wants to know whether he needs to register with Service Tax Dept. Total turnover one crore is the total value of foreign currency purchased [No sale is effected as the franchisee is not allowed to sell currency]
Taxable value to be treated as difference between the rate at which currency is exchanged with customer & RBI reference rate at that time for that currency will beone lakh only annualy.
Request clerification
CAclubindia
