Foreign remittances do not come under service tax ambit: PM
The money transfers to India by NRIs will not come under the realm of service tax as said by Prime Minister Manmohan Singh.
Kerala chief minister, Oommen Chandy, said that the Prime Minister has dismissed all the reports related to levy of tax on the money of Indians working abroad.
The Prime Minister asked for a status quo from the Finance Ministry over the reported move by the Government of planning to charge 12.36 per cent on all foreign remittances to India.
Chandy took up the matter with Singh as the annual remittances from NRI population in Kerala is nearly Rs 50,000 crore and such a move by the Centre would hit the economy of the state.
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Source: The Times of India
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