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| Revised Service Tax Notification With Effect From 01 April 2012 |
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Please be advised that vide Notification No. 3/2012 – Service Tax and No. 2/2012, dated
17 March 2012 issued by the Directorate of Service Tax, Ministry of Finance, Government of India,
a service tax, computed as per the below table, will be levied from the proceeds of each remittance transaction involving foreign currency conversion and on foreign exchange transactions (Purchase or Sale) executed by HSBC India with effect from 01 April 2012: |
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Sl. No. |
Gross amount of currency exchanged (Equivalent in INR) |
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Service Tax amount (Equivalent in INR) |
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1 |
Up to  1,00,000 |
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0.12 percent of the gross amount of currency exchanged subject to a minimum of 30 |
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2 |
Between 1,00,000
and
10,00,000 |
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120 + 0.06% of the gross amount of currency exchanged, over and above 1,00,000 |
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3 |
10,00,001 and above |
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660 + 0.012% of the gross amount of currency exchanged, over and above
10,00,000 subject to a maximum of 6,000 |
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| Kindly note that Education cess @ 2% and Secondary and Higher Education cess @ 1% on the service tax amount, computed on the basis of the above grid, would be leviable in addition to the service tax amount stated above. |
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| For any further clarifications, please contact the nearest HSBC India branch. |
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