07 October 2009
as per new notification of CBEC sub-brokers are not required to pay servicetax instead of them brokers will collect & pay servicetax to the govt. so my query is that whether Broker of regional stock exchanges who are trading only thrugh subsidiary company of regional stock exchange treated as subbroker are required to continue registration of servicetax?
07 October 2009
A sub broker is one who is a acting on behalf of a broker under their mutuially accepted terms and conditions. A broker of a regional stock exchange (whether holding or subsidiary) may be treated as a sub broker by the trade but the same may not be the case with the Service tax dept. who will treat you as a broker.
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