Mention, with reasons, whether the following are liable to service tax A transaction in money
CS Professional · Advanced Tax Laws and Practice · PYQS · June 2016
Mention, with reasons, whether the following are liable to service tax A transaction in money
Answer & Explanation:
As per the Clause (44) of Section 65B of the Finance Act, 1994, transactions only in money have been excluded from the definition of service and hence not liable to service tax. However transactions such as currency conversion charge, loans etc. are not transactions mere in money and thus liable to service tax.
Topics: Indirect Tax
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