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of <h1>Interest on Overdrafts and Discounted Bills Exempt from Service Tax if Separately Itemized in Invoice</h1> The Central Government issued a notification exempting the interest component on overdraft facilities, cash credit facilities, or discounting of bills, bills of exchange, or cheques from service tax. This exemption applies to services provided by banking companies, financial institutions, non-banking financial companies, or any other corporate bodies. The exemption is contingent upon the interest amount being separately itemized in the relevant invoice, bill, or challan. Initially issued on September 22, 2004, and amended on April 25, 2006, this notification was later rescinded by another notification dated June 20, 2012.
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