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Taxation Essay

2715 words - 11 pages

97. STOCK BROKING SERVICES
A. Date of introduction: 01.07.1994 vide Notification No.1/1994-ST
dt.28.06.1994.
A. Definition and scope of service:
“Recognised stock exchange” has the meaning assigned to it in clause
(f) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956).
(Section 65(90) of Finance Act, 1994 as amended)
“Securities” has the meaning assigned to it in clause (h) of section 2 of
the Securities Contracts (Regulation) Act, 1956 (42 of 1956).
(Section 65(93) of Finance Act, 1994 as amended)
“Stock-broker” means a person, who has either made an application for
registration or is registered as a stock broker, in accordance with the rules and
...view middle of the document...

(Sec.65A of Finance Act, 1994)
E.

Valuation of taxable services for charging Service tax

(1) Service tax chargeable on any taxable service with reference to its value
shall,—
(i) in a case where the provision of service is for a consideration in money,
be the gross amount charged by the service provider for such service
provided or to be provided by him;
(ii) in a case where the provision of service is for a consideration not wholly
or partly consisting of money, be such amount in money, with the addition
of service tax charged, is equivalent to the consideration;
(iii) in a case where the provision of service is for a consideration which is
not ascertainable, be the amount as may be determined in the prescribed
manner.
(2) Where the gross amount charged by a service provider, for the service
provided or to be provided is inclusive of service tax payable, the value of such
taxable service shall be such amount as, with the addition of tax payable, is
equal to the gross amount charged.
(3) The gross amount charged for the taxable service shall include any amount
received towards the taxable service before, during or after provision of such
service.

(4) Subject to the provisions of sub-sections (1), (2) and (3), the value shall be
determined in such manner as may be prescribed.
Explanation.—For the purposes of this section,—
(a) “consideration” includes any amount that is payable for the taxable
services provided or to be provided;
(b) “money” includes any currency, cheque, promissory note, letter of credit,
draft, pay order, travellers cheque, money order, postal remittance and
other similar instruments but does not include currency that is held for its
numismatic value;
(c) “gross amount charged” includes payment by cheque, credit card,
deduction from account and any form of payment by issue of credit notes or
debit notes and ‘book adjustment, and any amount credited or debited, as
the case may be, to any account, whether called “Suspense account” or by
any other name, in the books of account of a person liable to pay service
tax, where the transaction of taxable service is with any associated
enterprise.
(Sec.67 of Finance Act, 1994)
Inclusion in or Exclusion from value of certain expenditure or cost:
(1)
Where any expenditure or costs are incurred by the service provider in
the course of providing taxable service, all such expenditure or costs shall be
treated as consideration for the taxable service provided or to be provided and
shall be included in the value for the purpose of charging service tax on the
said service.
[Rule 5(1) of Service Tax (Determination of Value) Rules, 2006]
(2) The expenditure or costs incurred by the service provider as a pure agent
of the recipient of service shall be excluded from the value of the taxable service
if all the following conditions are satisfied, namely:(i)

the service provider acts as a pure agent of the recipient of service
when he makes...

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