No service tax on sub-brokers for forward contracts

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SummaryThe revenue department said that service tax will not be levied on sub-brokers providing services relating to forward contracts to members

The revenue department said that service tax will not be levied on sub-brokers providing services relating to forward contracts to members of a commodity exchange from September 2004 to June 2012. The ministry said the service tax payable on such services in the specified period shall not be required to be paid.

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