Service Tax on Sub-Broker Services

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..... Service Tax on Sub-Broker Services
News and Press Release
Dated:- 10-9-2007

In a recent decision reported in 2007 -TMI - 1628 - CESTAT, NEW DELHI, honorable tribunal has held that: In t .....

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..... he present case, sale and purchase of security in the Stock Exchange is handled only by the main broker and the sub- brokers are only taking the interested buyers to the main broker. Therefore, levy w .....

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..... ill fall only on the main brokers who handled sale and purchase of security in the stock exchange. The sub-brokers are not acting as a broker in connection with the sale and purchase of securities i .....

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..... n the stock exchange. Their role is like any commission agent in a transaction. The levy under the Heading ("stock broker service") in question is limited to stock brokers and not to commission agents .....

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..... at large. Therefore, levy is clearly not attracted in the case of sub-brokers.
News - Press release - PIB .....

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