Services by the intermediaries - Service Tax Practice Manual / Ready Reckoner - Service Tax

Chapter 29 Services by the intermediaries (Wef : 1.7.2012) Scope of Exempt Service - Notification no. 25/2012 dated 20.06.2012 From 1.7.2012 to 31.3.2015 29. Services by the following persons in respective capacities - (a) sub-broker or an authorised person to a stock broker; (b) authorised person to a member of a commodity exchange; (c) mutual fund agent to a mutual fund or asset management company; (d) distributor to a mutual fund or asset management company; (e) selling or marketing agent of lottery tickets to a distributer or a selling agent (f) selling agent or a distributer of SIM cards or recharge coupon vouchers; (g) business facilitator or a business correspondent to a banking company or an insurance company, in a rural area (h) sub-contractor providing services by way of works contract to another contractor providing works contract services which are exempt; From 1.4.2015 to 20.10.2015 - Not. 06/2015 - Dated 1-3-2015 29. Services by the following persons in respective capacities - (a) sub-broker or an authorised person to a stock broker; (b) authorised person to a member of a commodity exchange; (c) **** (d) **** (e) **** (f) selling agent or a distributer of SIM cards or recharge coupon vouchers; (g) business facilitator or a business correspondent to a banking company or an insurance company, in a rural area (h) sub-contractor providing services by way of works contract to another contractor providing works contract services which are exempt; Amending notes w.e.f. 1.4.2015 : Exemptions have been withdrawn on the following services: (a) services provided by a mutual fund agent to a mutual fund or assets management company, (b) distributor to a mutual fund or AMC, (c) selling or marketing agent of lottery ticket to a distributor. Service Tax on these services shall be levied on reverse charge basis. From 21.10.2015 - Not. 20/2015-Service Tax - Dated 21-10-2015 , 29. Services by the following persons in respective capacities - (a) sub-broker or an authorised person to a stock broker; (b) authorised person to a member of a commodity exchange; (c) **** (d) **** (e) **** (f) selling agent or a distributer of SIM cards or recharge coupon vouchers; (g) business facilitator or a business correspondent to a banking company with respect to a Basic Savings Bank Deposit Account covered by Pradhan Mantri Jan Dhan Yojana in the banking company s rural area branch, by way of account opening, cash deposits, cash withdrawals, obtaining e-life certificate, Aadhar seeding; (ga) any person as an intermediary to a business facilitator or a business correspondent with respect to services mentioned in clause (g); (gb) business facilitator or a business correspondent to an insurance company in a rural area (h) sub-contractor providing services by way of works contract to another contractor providing works contract services which are exempt; Amending notes w.e.f. 21.10.2015 : in the opening paragraph, in entry 29, for clause (g), the following clauses shall be substituted, namely- (g) business facilitator or a business correspondent to a banking company with respect to a Basic Savings Bank Deposit Account covered by Pradhan Mantri Jan Dhan Yojana in the banking company s rural area branch, by way of account opening, cash deposits, cash withdrawals, obtaining e-life certificate, Aadhar seeding; (ga) any person as an intermediary to a business facilitator or a business correspondent with respect to services mentioned in clause (g); (gb) business facilitator or a business correspondent to an insurance company in a rural area; or Definitions: (ga) Basic Savings Bank Deposit Account means a Basic Savings Bank Deposit Account opened under the guidelines issued by Reserve Bank of India relating thereto; (b) in clause (k), in sub-clause (ii), for the words religion or spirituality, the words religion, spirituality or yoga shall be substituted (i) business facilitator or business correspondent means an intermediary appointed under the business facilitator model or the business correspondent model by a banking company or an insurance company under the guidelines issued by Reserve Bank of India; (zh) sub-broker has the meaning assigned to it in sub-clause (gc) of clause 2 of the Securities and Exchange Board of India (Stock Brokers and Sub-brokers) Regulations, 1992;