Regarding levy of service tax on services provided by an authorised person or sub-brokers to the member of a commodity exchange

Government of India

Ministry of Finance

(Department of Revenue)

***

Notification No. 03/2014-Service Tax

New Delhi, 3^rd February, 2014

G.S.R….(E).- Whereas, the Central Government is satisfied that a practice was generally prevalent regarding levy of service tax (including non-levy thereof), under section 66 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as ‘the Finance Act’), on services provided by an authorised person or sub-broker to the member  of a recognised association or a registered association, in relation to a forward contract,  and that such services were liable to service tax under the Finance Act, which was not being levied according to the said practice during the period commencing from the 10^th  day of September 2004 and ending with the 30^th  day of June 2012;

            Now, therefore, in exercise of the powers conferred by section 11C of the Central Excise Act, 1944 (1 of 1944), read with section 83 of the Finance Act, the Central Government hereby directs that the service tax payable on the services provided by an authorised person or sub-broker to the member  of a recognised association or a registered association, in relation to a forward contract, shall not be required to be paid in respect of such taxable service on which the service tax was not being levied during the aforesaid period in accordance with the said practice.

[F. No. 354/131/2013 – TRU]

(Raj Kumar Digvijay)

Under Secretary to the Government of India