07 July 2017
I want to know the rates of GST applicable on commission received by forex dealers on money transfer business working as agent say under MoneyGram and Western Union. Which SAC code is applicable to such private forex dealers for providing such money transfer services?
Whether such forex dealers will be liable to pay the GST on sale and purchase of foreign currency and earning profit in the form of difference in buying and selling rate of foreign exchange. Such forex dealers also charge service charges from customers on foreign exchange. Will this be covered by GST. What is the SAC code and rate of GST on such services?
07 July 2017
Commissioner received by forex dealer is a finacial service falling under HSN 9971, attracting rate of tax @18%. Valuation of services shall be done as provided in Rule 32(2) of the CGST Rules.
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