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of <h1>Service Tax Applicable on Pre-Closure Charges by Banks u/s 65(105)(zm) of Finance Act 1994.</h1> The circular from the Ministry of Finance addresses the issue of service tax on pre-closure or fore-closure charges by banks and financial institutions. It clarifies that such charges, collected in relation to lending services, are not considered interest but rather service charges. Therefore, they are subject to service tax under Section 65(105)(zm) of the Finance Act, 1994. The circular instructs relevant authorities to ensure compliance with this interpretation and take necessary actions. This directive is issued with the approval of the Member (Budget).
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