Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: VAT RATES :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: TDS :: VAT Audit :: empanelment :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd
 
 
« Latest Circulars »
 Why the Government shouldn't insist RBI to part with its Contingency Fund?
 India slips in OECD ratings on exchange of tax info
 Auction of Government of India Dated Securities November 20, 2017
 Auction for Sale (Re-issue) of Government Stock (GS) November 20, 2017
 Monetary Transmission in India: Why is it important and why hasn’t it worked well? (Dr. Viral V Acharya, Deputy Governor - November 16, 2017 - Inaugural Aveek Guha Memorial Lecture, Homi Bhabha Auditorium, Tata Institute of Fundamental Research (TIFR))
 New Opening Accounts & Finance - Executive /asst. Manager ( Chartered Accountant)
 35 LPA-Opening DGM / GM Accounts - Chartered Accountant ( CA )
 Secondary market transactions in Government Securities – Notional Short Sale
 Over-the-Counter Government Securities Transaction by Foreign Portfolio Investors (FPIs) – Settlement Period
 Agency Commission for GST receipt transactions
 Inclusion of “Utkarsh Small Finance Bank Limited” in the Second Schedule to the Reserve Bank of India Act, 1934

CBEC ISSUES CLARIFICATION REGARDING LEVIABILITY OF SERVICE TAX ON THE REMITTANCE OF FOREIGN CURRENCY IN INDIA FROM OVERSEAS
July, 12th 2012
                                                                                                  "15"
                                                                                             pib.nic.in
                                PRESS INFORMATION BUREAU
                                  GOVERNMENT OF INDIA
                                           *****

CBEC ISSUES CLARIFICATION REGARDING LEVIABILITY OF SERVICE TAX ON
  THE REMITTANCE OF FOREIGN CURRENCY IN INDIA FROM OVERSEAS

                                                                   New Delhi: Ashadha 19, 1934
                                                                                 July 10, 2012


The Central Board of Excise and Customs (CBEC) issued today necessary clarification regarding the
leviability of service tax on the remittance of foreign currency in India from overseas. Various
concerns have been expressed at different forums in this regard.





                     The CBEC through a circular issued today stated that the matter has been
examined and it is clarified that there is no service tax per se on the amount of foreign currency
remitted to India from overseas. In the negative list regime, `service' has been defined in clause (44)
of section 65B of the Finance Act 1994, as amended, which excludes transaction in money. As the
amount of remittance comprises money, the activity does not comprise a `service' and thus not
subjected to service tax.

                   In case any fee or conversion charges are levied for sending such money, they are
also not liable to service tax as the person sending the money and the company conducting the
remittance are located outside India. In terms of the Place of Provision of Services Rules, 2012, such
services are deemed to be provided outside India and thus not liable to service tax.

                             It is further clarified that even the Indian counterpart bank or financial
institution who charges the foreign bank or any other entity for the services provided at the receiving
end, is not liable to service tax as the place of provision of such service shall be the location of the
recipient of the service, i.e. outside India, in terms of Rule 3 of the Place of Provision of Services
Rules, 2012.

                                                      ******

DSM/SS



 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - About Us

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions