https://www.taxtmi.com/article/detailed?id=6086 Service tax covers banking services under the expanded definition of "service," but the negative list excludes extension of deposits, loans or advances insofar as consideration is solely interest or discount. "Interest" excludes service charges, fees and other non interest amounts; such amounts in excess of interest represent taxable consideration. Routine deposit and loan products where remuneration is only interest are excluded, whereas separately charged processing fees, documentation charges, credit card service or penal fees and other non interest charges remain taxable. Repos/reverse repos are treated as securities transactions and not services. en-us Wed, 25 Feb 2015 07:57:38 +0530 Wed, 25 Feb 2015 07:57:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=6086 Service tax covers banking services under the expanded definition of "service," but the negative list excludes extension of deposits, loans or advances insofar as consideration is solely interest or discount. "Interest" excludes service charges, fees and other non interest amounts; such amounts in excess of interest represent taxable consideration. Routine deposit and loan products where remuneration is only interest are excluded, whereas separately charged processing fees, documentation charges, credit card service or penal fees and other non interest charges remain taxable. Repos/reverse repos are treated as securities transactions and not services. Articles Service Tax Wed, 25 Feb 2015 07:57:38 +0530 https://www.taxtmi.com/article/detailed?id=6086