https://www.taxtmi.com/article/detailed?id=120 Finance Act, 2008 brings purchase or sale of foreign currency, including money changing by banks, foreign exchange brokers, authorised dealers and money changers, within service tax by treating services related to purchase or sale as taxable even when no explicit consideration is stated. Service tax applies to both buying and selling on the gross value exchanged; where consideration is not indicated, providers may adopt the prescribed valuation option that computes tax on gross amounts. Transactions with the Reserve Bank are exempt and intra bank transfers are generally not taxable, while interbank and bank customer transactions are taxable. en-us Wed, 23 Jul 2008 00:00:00 +0530 Fri, 06 Mar 2009 18:49:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=120 Finance Act, 2008 brings purchase or sale of foreign currency, including money changing by banks, foreign exchange brokers, authorised dealers and money changers, within service tax by treating services related to purchase or sale as taxable even when no explicit consideration is stated. Service tax applies to both buying and selling on the gross value exchanged; where consideration is not indicated, providers may adopt the prescribed valuation option that computes tax on gross amounts. Transactions with the Reserve Bank are exempt and intra bank transfers are generally not taxable, while interbank and bank customer transactions are taxable. Articles Service Tax Wed, 23 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=120