Forward Contract - Taxable Services - As appliable on or before 30-6-2012 - Service Tax

Forward Contract (w.e.f. 10.9.2004) What is taxable - 65(105)(zzy) Any service provided or to be provided to any person, by a member of a recognised association or a registered association, in relation to a forward contract; Who is the receiver of service Any person Who is the provider of service A member of a recognised association or a registered association Who is liable to pay service tax A member of a recognised association or a registered association (service provider) Meaning of Forward Contract - 65(46a) "forward contract" has the meaning assigned to it in clause (c) of section 2 of the Forward Contracts (Regulation) Act, 1952 (74 of 1952); As per clause (c) of section 2 of the Forward Contracts (Regulation) Act, 1952; "forward contract means a contract for delivery of goods and which is not a ready delivery contract"; Meaning of recognized association - 65(89a) "recognised association" has the meaning assigned to it in clause (j) of section 2 of the Forward Contracts (Regulation) Act, 1952 (74 of 1952); As per clause (j) of section 2 of the Forward Contracts (Regulation) Act, 1952; "recognised association" means an association to which recognition for the time being has been granted by the Central Government under section 6 in respect of goods or classes of goods specified in such recognition"; Meaning of Registered Association - 65(89b) "registered association" has the meaning assigned to it in clause (jj) of section 2 of the Forward Contracts (Regulation) Act, 1952 (74 of 1952) As per clause (jj) of section 2 of the Forward Contracts (Regulation) Act, 1952; "registered association" means an association to which for the time being a certificate of registration has been granted by the commission under section 14B"; Comments: A. As per Paragraph No 6. of Circular No. 96/7/2007 dated 23/8/2007 states that :- "6. This circular supersedes all circulars, clarifications and communications, other than Orders issued under section 37B of the Central Excise Act, 1944 (as made applicable to service tax by section 83 of the Finance Act, 1994), issued from time to time by the CBEC, DG (Service Tax) and various field formations on all technical issues including the scope and classification of taxable services, valuation of taxable services, export of services, services received from outside India, scope of exemptions and all other matters on levy of service tax. With the issue of this circular, all earlier clarifications issued on technical issues relating to service tax stand withdrawn."