SERVICE TAX RATE FY 2012-13 ON MONEY CHANGER SERVICE

[rakesh kumar]

SIR IN WHICH RATE THE SERVICE TAX APLICABLE ON MONEY CHANGER IN 2012-13

[KASTURI SETHI]

This service is covered under erstwhile BAS category as Commission Agent/intermediary Service. See Rule 2(f)Placement of Provisions Service Rules, 2012. Rate 12 % + Education Cess 2% on ST and Secondary Education Cess 1 % on ST during 2012-13. Also go through Board's Circular No. 180/06/2014-S.T., dated 14-10-2014 for further detailed information and clarification

[DR.MARIAPPAN GOVINDARAJAN]

Why this query is at this distant time? Further the limitation period for taking action by the department might have been over for such period.

AI Summary

Classification as Commission Agent service makes money changer transactions subject to service tax and educational cesses for FY 2012-13.
Money changer services were treated under the erstwhile BAS category as a Commission Agent/intermediary Service; accordingly the applicable levy for the fiscal period comprised the service tax rate and attendant education cesses prescribed for intermediary services, with further details and clarifications referenced in the departmental circular; note was also made that departmental action for that period may be constrained by the applicable limitation period.