Taxability of forward contract services: members of recognised or registered associations must account for service tax on such services. Services by members of a recognised association or a registered association relating to a forward contract are taxable; the service provider (the member) is liable for service tax. 'Forward contract' means a contract for delivery of goods that is not a ready delivery contract. 'Recognised association' is an association granted Central Government recognition under the Forward Contracts (Regulation) Act, and 'registered association' is one holding a registration certificate from the Commission under that Act. A central circular supersedes earlier departmental technical clarifications on service tax interpretation.