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of <h1>Service Tax Clarified: Broker Transactions on Principal-to-Principal Basis Non-Taxable; Investor-Involved Deals Are Taxable.</h1> The circular addresses the applicability of service tax on certain stock market transactions. It clarifies that transactions on a principal-to-principal basis between brokers do not involve an investor and thus are not subject to service tax. However, transactions where a broker deals on their own account with a non-member investor, or arbitrage transactions between brokers of different stock exchanges involving an investor, are considered taxable services and are subject to service tax. The Board has examined these issues in consultation with field formations, and the trade and field formations are advised accordingly.
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