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of <h1>Service Tax Applicability on Banking Services: Key Insights on Financial Leasing, Forex Broking, and Chit Funds under Finance Act</h1> The applicability of service tax on various banking and financial services as of specific dates, detailing the definitions and scope of taxable services under sections of the Finance Act and other relevant legislation. It clarifies the tax implications for services like financial leasing, merchant banking, forex broking, asset management, and others. Specific circulars address whether certain activities, such as money changing and chit funds, are liable for service tax. It concludes that services involving consideration, like business chit funds, are taxable, while others, like simple chit funds and entry/exit loads in mutual funds, are not.
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