NEW DELHI: Clearing houses, stock exchanges and commodity exchanges have something to cheer about. Service tax would not be levied on the transaction charges collected by the bodies from their members.
The Central Board of Excise & Customs (CBEC), in a communication to field formations, has clarified that services provided by National Stock Exchange, Bombay Stock Exchange, Multi Commodity Exchange, National Commodities & Derivatives Exchange, Clearing Corporation of India and electronic platform of RBI were services but did not fall under the category of taxable services.
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Friday, September 7, 2007
No service tax on transaction charge levied by exchanges
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