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Issue ID : 5105
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Service tax on Interest on Hypothecation

Date 26 Dec 2012
Replies1 Answers
Views 6122 Views
Asked By

A  NBFC is financing  Motorcycles , under hypothecation agreement , all income receipts are accounted as Interest income .Whether they are subject to service tax ?  As banks are exempt , so they should be.

Service Tax
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Replied on Dec 27, 2012
1.

Though Banks re exempted to pay the service tax on the Interest portion, but there is no such exemption available to Non Banking Finance Companies.  Please check the Negative list as well as Mega Exemption Notification in this regard before taking any option whether to pay or not the service tax?

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