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13% Service tax on your paypal to bank transaction

Discussion in 'PayPal' started by it career, May 27, 2008.

  1. #1
    I got an email from citibank today saying that from now onwards all foreign exchange transaction will attract service tax , so if you are withdrawing Rs 7000/- 1000/- will vanish as a service tax ?
    Can someone confirm this?
     
    it career, May 27, 2008 IP
    Rohit patel and mentos like this.
  2. mentos

    mentos Prominent Member

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    #2
    Is this apply for international CT client?
     
    mentos, May 27, 2008 IP
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  3. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #3
    I can't find something like this at paypal's website :confused:

    DON.
     
    deluxdon, May 27, 2008 IP
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  4. Rohit patel

    Rohit patel Prominent Member

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    #4
    Well I don't think so. First of all payments done from NEFT service so there is no way we can say it is foreign funds. Since Neft Service is India only. Check FAQ of RBI site for more information:
    http://www.rbi.org.in/Scripts/FAQView.aspx?Id=60
     
    Rohit patel, May 27, 2008 IP
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  5. rapid07

    rapid07 Banned

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    #5
    make bank account in sbi.....
    so far nothing vanished... but i do cheque withdrawl.. so i pay $5 everytime for cheque withdrawl fees.
     
    rapid07, May 27, 2008 IP
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  6. Ajucoolest

    Ajucoolest Well-Known Member

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    #6
    The above statement is absolutely right , all banks charge the same amount of service tax but you should note one thing that NEFT payments are not done in US$ so , they can not be charged @ 13% you mentioned. Only withdrawal from cheques fall in this category ..

    Each cheque Withdrawal will make you 13% poor .. :D
     
    Ajucoolest, May 28, 2008 IP
  7. charley

    charley Well-Known Member

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    #7
    Thanks for the update Aju .... I was worried about it, as I am going to withdraw paypal soon to my bank.
     
    charley, May 28, 2008 IP
  8. goforhunt

    goforhunt Banned

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    #8
    Yes, as mentioned as long as you getting payment by NEFT, it will not attract 13% tax
     
    goforhunt, May 28, 2008 IP
  9. agnivo007

    agnivo007 Peon

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    #9
    Utter nonsense! Check withdrawal : fixed $5 fees, for bank transfer (NEFT) : free for >= Rs.7000 else Rs.50 only. No question of service tax as payments are in INR.
     
    agnivo007, May 28, 2008 IP
  10. abhishekdaaga

    abhishekdaaga Guest

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    #10
    I think that tax is for when u spend from ur CC for a International Transaction like if u spend it in USD from ur card then it will be charged if i m not wrong...(Indian pre-paid Adwords a/c also charges this shit charges and it sucks so i stopped pre-paid and i use USD post-paid :) )
     
    abhishekdaaga, May 28, 2008 IP
  11. getjimmy

    getjimmy Prominent Member

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    #11
    Thats not true man,only $5 will be charged in u withdraw less than 7k INR,else no fees.
     
    getjimmy, May 28, 2008 IP