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<h1>Services on Forward Contracts Taxable Since 2004; Liability on Association Members; Definitions Clarified by 1952 Act.</h1> The taxable nature of services related to forward contracts as of September 10, 2004. It specifies that any service provided by a member of a recognized or registered association in relation to a forward contract is taxable. The service provider, a member of such an association, is liable for the service tax. Definitions for 'forward contract,' 'recognized association,' and 'registered association' are provided based on the Forward Contracts (Regulation) Act, 1952. A circular dated August 23, 2007, supersedes previous communications on technical issues related to service tax.