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of <h1>India Exempts Service Tax on Rent for Local Taxes Paid, Excludes Interest or Penalties, Effective June 1, 2007</h1> The Government of India, through Notification No. 24/2007 dated May 22, 2007, exempts service tax on the renting of immovable property to the extent of local taxes paid, such as property tax levied by local bodies. The exemption applies to the portion of service tax exceeding the value calculated after deducting these local taxes from the gross rental amount. However, amounts paid as interest or penalties to local authorities are not considered deductible property taxes. If the periods for property tax and service tax payments differ, the property tax is proportionately calculated. This notification took effect on June 1, 2007.
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