SERVICE TAX ON WIRE TRANSFER FROM FOREIGN COUNTRY TO INDIA

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  1. VISHANT GAUR

    VISHANT GAUR New Member

    HI,

    I Made a wire transfer (US dollars) to my India bank (NRO a/c) account from Vietnam.
    ICICI charged me service tax on same that is prevalent these days on foreign exchange conversion.

    But i read in some circular that there is not S.T liability on remittance to India from foreign country.

    Kindly HELP me asap so that i can challenge ICICI Bank on same.

    Thanks

    Vishant
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    When you remitted the money, ICICI would have charged you a commission on conversion to Rupees.

    Service Tax would be levied on the Commission charged by ICICI for Conversion
     
    VISHANT GAUR likes this.
  3. VISHANT GAUR

    VISHANT GAUR New Member


    Hi Gaurav,

    thanks first.

    Further for your information, ICICI has told me that ICICI do not charge any commission or any fees/charge on the wire transfers and same mentioned on their website as well.

    Kindly follow this link for this confirmation of information.

    "ICICI Bank does not charge anything for Wire Transfers except for Service Tax on Foreign Currency Conversion. The remitting bank/correspondent bank may levy charges for the wire transfer."

    http://www.icicibank.com/nri-banking/money_transfer/usa/wire_Transfer.html#T-2

    so i am still not satisfied why ICICI Charge S.T on this transaction.

    Do you have any idea about ABOVE circular I Mentioned, is it still APPLICABLE or in force ??

    Thanks

    Vishant
     
  4. gaurav_kumar

    gaurav_kumar Well-Known Member

    Not much idea on the above circular
     
    VISHANT GAUR likes this.
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