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



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