(7B)[. The person liable to pay service tax in relation to purchase or sale of foreign currency, including money changing, shall have the option to pay an amount calculated at the following rate towards discharge of his service tax liability instead of paying service tax at the rate specified in section 66B of Chapter V of the Act, namely:] [Substituted (w.e.f. 1.07.2012) by Notification No.36/2012-Service Tax dated 20/06/2012.](a)[0.12 per cent.] [Substituted (w.e.f. 1.04.2012) by Notification No.3/2012-Service Tax dated 17.03.2012.] of the gross amount of currency exchanged for an amount up to rupees 100,000, subject to the minimum amount of [rupees 30] [Substituted (w.e.f. 1.04.2012) by Notification No.3/2012-Service Tax dated 17.03.2012.] and;(b)rupees [120 and 0.06 per cent.] [Substituted (w.e.f. 1.04.2012) by Notification No.3/2012-Service Tax dated 17.03.2012.] of the gross amount of currency exchanged for an amount of rupees exceeding rupees 100,000 and up to rupees 10,00,000; and(c)rupees [660 and [0.012] [Substituted (w.e.f. 1.04.2012) by Notification No.3/2012-Service Tax dated 17.03.2012.] per cent.] of the gross amount of currency exchanged for an amount of rupees exceeding 10, 00,000, subject to maximum amount of rupees [6000] [Substituted (w.e.f. 1.04.2012) by Notification No.3/2012-Service Tax dated 17.03.2012.]:Provided that the person providing the service shall exercise such option for a financial year and such option shall not be withdrawn during the remaining part of that financial year.[* * * * * * ] [Omitted (w.e.f. 1.4.11) by Notification No.3/2011-Service Tax dated 1.03.2011.]
