https://www.taxtmi.com/highlights?id=54103 Levy of Service Tax - banking and other financial services - foreclosure charges - The foreclosure of loan is a material breach of contract as it curtails the loan service period unilaterally, which can prompt the promisor to claim damages. Damages can be determined by Courts or they can also be incorporated in the loan agreements and other commercial contracts so as to ensure certainty in dealings and also serve as a deterrent measure. - Not liable to service tax. en-us Mon, 20 Jul 2020 14:15:06 +0530 Mon, 20 Jul 2020 14:15:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=54103 Levy of Service Tax - banking and other financial services - foreclosure charges - The foreclosure of loan is a material breach of contract as it curtails the loan service period unilaterally, which can prompt the promisor to claim damages. Damages can be determined by Courts or they can also be incorporated in the loan agreements and other commercial contracts so as to ensure certainty in dealings and also serve as a deterrent measure. - Not liable to service tax. Highlights Service Tax Mon, 20 Jul 2020 14:15:06 +0530 https://www.taxtmi.com/highlights?id=54103