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No Service Tax on NRI Remittances

  • By PTI

  • Jul 10, 2012
  • NEW DELHI, India

    The government on Tuesday said remittances from abroad will not attract service tax, putting to rest concerns raised by new tax rules.

    "The matter has been examined and it is clarified that there is no service tax on the amount of foreign currency remitted to India from overseas," the Central Board of Excise and Customs said.

    The clarification follows concerns over reports that there was a move to levy 12% tax on money sent back home by Indians abroad under the changed service tax regime, effective July 1.

    Emerging as the top recipient among developing nations, India received remittances of $64 billion in 2011, according to World Bank data. 

    Chief ministers of Punjab and Kerala, which are among the states receiving the largest remittances from expatriates, had taken up the matter with Prime Minister Manmohan Singh.

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