https://www.taxtmi.com/article/detailed?id=397 Levy of service tax on hire purchase and financial leasing rests on the statutory inclusion of banking and financial services to cover financial leasing defined by specific asset leases, use by the lessee, payments covering cost plus interest, and an option to acquire title; administrative guidance treats such leases as transferring risks and rewards of ownership for tax characterisation, and courts have considered the levy a tax on services provided by financiers rather than a tax on sale, allowing coexistence with state sales tax on deemed sales. en-us Tue, 23 Jun 2009 00:00:00 +0530 Tue, 23 Jun 2009 07:19:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=397 Levy of service tax on hire purchase and financial leasing rests on the statutory inclusion of banking and financial services to cover financial leasing defined by specific asset leases, use by the lessee, payments covering cost plus interest, and an option to acquire title; administrative guidance treats such leases as transferring risks and rewards of ownership for tax characterisation, and courts have considered the levy a tax on services provided by financiers rather than a tax on sale, allowing coexistence with state sales tax on deemed sales. Articles Service Tax Tue, 23 Jun 2009 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=397