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22 Oct 2015

No Service Tax on agents in relation to remittance of foreign currency, from 1st July 2012 to 13th October 2014"

Recently, Central government has issued a Notification No. 19/2015-ST dt. 14th October, 2015, with reference to the general practice prevailing in the industry of not paying the service tax on the services provided by an Indian Bank or other entity acting as an agent to the Money Transfer Service Operators (hereinafter referred to as MTSO), in relation to remittance of foreign currency from outside India to India (hereinafter referred to as the said practice), and which service was liable to service tax, which was not being paid according to the said practice.

Now vide this notification, the Central Government directs that the service tax payable under section 66B of the Finance Act, 1994, on the service provided by an Indian Bank or other entity acting as an agent to the MTSO in relation to remittance of foreign currency from outside India to India, for the period 1st July 2012 to 13th October 2014, shall not be required to be paid.