According to Section 65 (105) (zzzzc), any service provided or to be provided; to any person, by any other person, except a banking company or a financial institution including a non-banking financial company or any other body corporate or commercial concern referred to in sub-clause (zm), in relation to asset management including portfolio management and all forms of fund management, is a ‘taxable service’.

Taxable services of Asset management including portfolio management and all forms of fund management are provided by individual service providers especially to high net worth individuals. This taxable service proposes to cover separately, by person, other than those already covered under banking and other financial services.

(a) Small service providers whose aggregate value of taxable services rendered in the previous year has not exceeded the limit of Rs. 10,00,000/-  (Service Tax Notification No. 8/2008-ST dated 01.03.2008)

(b) Services provided to the United Nations or International Organisations

(c) Services provided to Special Economic Zones (SEZ) units (including unit under construction) and SEZ developers Patek Philippe Grand Complication Replica Watches

(d) Services which are exported as per ‘Export of Services’ Rules

(e) Services provided for official or personal use of foreign diplomatic missions and family members of diplomatic missions.

(f)  Services provided by Reserve Bank of India

(g) Out of total value of service provided proportionate value of goods and material provided by the Service Provider

Service Tax Circular No. Letter F. No. B1/16/2007-TRU, dated 20-05-2007