Service tax on rbi

Originally posted by : krishna
	Hi, Please can any one tell me Whether service tax is attratacted on  services received by the rbi...... and if yes then what about reverse charge mechanism services....??? Please reply along with details of circulars.. Thank you......

Refer Point (ii) of Notification No. 22/2006-Service Tax, 31^st May, 2006

(exempts the following taxable services from the whole of the service tax leviable thereon under section 66)

(ii) taxable services provided or to be provided by any person, to the Reserve Bank of India when the service tax for such services is liable to be paid by the Reserve Bank of India under sub-section (2) of section 68 of the said Finance Act read with rule 2 of the Service Tax Rules, 1994;
.
https://www.servicetax.gov.in/notifications/notfns-2k6/st2206.htm

Thank you.....

but as there is change in service tax and with the implementation of service tax on all services and with the negative list in force ...

does this circular hold good now.....??

Notification no 22/2006 has been rescinded vide notification no 34/2012. Henc the said notification is not applicable.

Relevant extract of board circular issued  in relation to RBI PARA 4.2

"4.2 Services provided by Reserve Bank of India
Q    Are all services provided by the Reserve Bank of India in the negative list?

Ans Yes. All services provided by the Reserve Bank of India are in the negative list.

Q     What about services provided to the Reserve Bank of India?
Ans Services provided to the Reserve Bank of India are not in the negative list and would be taxable      unless otherwise covered in any other entry in the negative list.

Thanks.....

one more thing.... is rbi a corporation or a body corporate....????

As per section 3(2) of RBI Act, 1934 , RBI is a body corporate.

thank you vry much.....

and is rbi a bussiness entity also.....??