Levy of Service Tax on Services
Provided by an Authorised Person or Sub-Brokers to the Member of a Commodity
Exchange - Regarding
Notification No. 03/2014-Service
Tax, [F. No. 354/131/2013–TRU], dated 3rd
February, 2014
G.S.R….(E).- Whereas, the Central Government
is satisfied that a practice was generally prevalent regarding levy of service
tax (including non-levy thereof), under section 66 of the Finance Act, 1994 (32
of 1994) (hereinafter referred to as ‘the Finance Act’), on services
provided by an
authorised person or sub-broker to the member
of a recognised association or a registered association, in relation to
a forward contract, and that
such services were liable to service tax under the Finance Act, which was not
being levied according to the said practice during the period commencing from
the 10th day of September
2004 and ending with the 30th
day of June 2012;
Now,
therefore, in exercise of the powers conferred by section 11C of the Central
Excise Act, 1944 (1 of 1944), read with section 83 of the Finance Act, the
Central Government hereby directs that the service tax payable on the services
provided by an authorised person or sub-broker to the member of a recognised association or a registered
association, in relation to a forward contract, shall not be required to be
paid in respect of such taxable service on which the service tax was not being
levied during the aforesaid period in accordance with the said practice.
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