Service tax on remittances to India

October 26, 20140


Non-Resident Indians (NRIs) will have to pay slightly more to remit money to India as the government of India has imposed a service tax on “fees or commission” levied by banks and financial institutions for facilitating remittances from abroad.

The move will not pose a big burden for expatriates as a 12.36 per cent service tax is imposed only on the “fee or commission charged by banks for facilitating remittances” and not on the actual remittance.
Source : Gulf News

Service tax on remittances to India was last modified: by

Filed in: All

Back to Top