16th May 2008
Members are hereby informed that the Finance Bill 2008 has proposed to levy Service Tax on Stock Exchange Services. Now, the Government of India, Ministry of Finance Vide notification no.18/2008-Service Tax, dated 10th May, 2008 appoints the 16th May, 2008 as the date on which the provisions of the said Act shall come into force.
Accordingly, Service Tax @ 12.36% will be applicable for all stock exchange related services such as Transaction charges, Auction commission and Bad delivery auction commission which are recoverable with effect from 16th May 2008. The necessary statements/invoice will be provided by the Exchange to avail the Cenvat Credit.
In case of any clarification, trading members may contact Shri Gautam Bera/ Suman Dey on telephone no. 2210-4470-77( Ext. 411/413) or 2230-6975.
DGM – ( Accounts , Admn. & Securities)