Service tax on stock-brokerage requires registration at the broker's main exchange; sub-brokers excluded, underwriting commissions exempt. Service tax liability is tied to the stock-broker's registration with the exchange: a broker must register for service tax with the Collectorate corresponding to the exchange where the broker is registered and all offices of that broker are governed by that Collectorate; sub-brokers are not covered; brokers meeting the statutory definition are taxable even if an exchange lacks recognition; display of service tax separately on contract notes is recommended; underwriting commissions are not taxable as brokerage services.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Service tax on stock-brokerage requires registration at the broker's main exchange; sub-brokers excluded, underwriting commissions exempt.
Service tax liability is tied to the stock-broker's registration with the exchange: a broker must register for service tax with the Collectorate corresponding to the exchange where the broker is registered and all offices of that broker are governed by that Collectorate; sub-brokers are not covered; brokers meeting the statutory definition are taxable even if an exchange lacks recognition; display of service tax separately on contract notes is recommended; underwriting commissions are not taxable as brokerage services.
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