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12.07.2012 (1719 Days Ago)
TitleNo service Tax on remittances from abroad
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The Central Board of Excise & Customs (CBEC), on Tuesday, clarified that remittances from abroad would not attract service tax.

Clarifying the issue through the circular, a levy of 12 percent could be imposed on inward remittances by Indians by abroad under the new service tax regime from July 1, the CBEC said: “The matter has been examined and it is clarified that there is no service tax on the amount of foreign currency remitted to India from Overseas.”

The CBEC also clarified that even the Indian counterpart bank or financial institution, which 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.

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