STOCK MARKET BSE NSE

Minister clarifies on service tax on NRI remittances

Published: 05th July 2012 11:58 AM  |   Last Updated: 05th July 2012 11:58 AM   |  A+A-

Rural Development and Planning Minister K C Joseph told the Assembly on Wednesday that the propaganda about service tax being levied on NRI remittances was not true in the strict sense, for the fact that the 12.

5 per cent tax was only on the commission on deposits sourced and it was borne by the banks.

 But there is every reason to fear that the burden would be passed on to customers, he said.

 Replying to a submission moved by T N Pratapan (Congress), the minister said the matter had been taken up with the Prime Minister during the recent visit of the Chief Minister and Cabinet colleagues.

 It is the firm view of the State Government that the service tax should not be loaded on the hard earned money of NRIs in any manner, he said



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp