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of <h1>Service Tax Applicable When Broker Acts as Principal with Non-Member; Jobbing Transactions Exempted.</h1> The circular clarifies that a transaction is subject to service tax when a broker, acting as a principal, engages in transactions with a non-member of the stock exchange. This means that if a broker sells or purchases securities on their own account with a non-member, the service provided is taxable. However, transactions where the broker acts as a constituent with another member on the stock exchange floor, known as 'jobbing,' are not subject to service tax. The circular remains unmodified in this regard.
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