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of <h1>Service Tax Rule 6(7B): Composition Scheme for Money Changers with Specified Rates and Annual Commitment.</h1> Rule 6(7B) of the Service Tax Rules, 1994, outlines the composition scheme for service tax on money changing services. It applies to foreign exchange brokers and authorized dealers or money changers. The scheme offers an option to pay tax at specified rates: 0.14% for currency exchanged up to 100,000 with a minimum of 35; 140 plus 0.07% for amounts between 100,000 and 1,000,000; and 770 plus 0.014% for amounts exceeding 1,000,000, capped at 7,000. This option must be chosen for a financial year and cannot be altered during that year.
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