Circular No. 6 of 2003-Income Tax The work of receipt of tax payments and issue of refunds is conducted by the Banks authorized for such purposes by the Reserve Bank of India (RBI). As a compensation for the work so conducted, the Central Government pays to the Banks, through RBI, commission termed as “Turnover Commission
The principal notification No.146/94-Customs dated the 13th July, 1994 was published in the Gazette of India, Extraordinary, vide G.S.R. 575(E), dated the 13th July, 1994 and was last amended by notification No.88/2002-Customs, dated the 28th August, 2002.
I am directed to say that as you are aware that taxation of services was started in July, 1994 in a limited way with three services and since then the scope has been extended considerably. At present, 58 services are subjected to levy of Service Tax. The revenue from Service Tax sector has also been growing appreciably over the time.
