Is interest on loan a taxable service
This query is : Resolved
18 June 2012
Pursuant to negative list, will interest on loan- secured/ unsecured be a taxable service w.e.f 01/07/2012.
Sr. no. 1 of Abatement notification no. 13/2012-ST dated. 17-3-2012 provides 90% on services falling under the Financial leasing services including equipment leasing and hire purchase towards interest. In light of above, can it be construed that interest is not a service?
Sr. no. 1 of Abatement notification no. 13/2012-ST dated. 17-3-2012 provides 90% on services falling under the Financial leasing services including equipment leasing and hire purchase towards interest. In light of above, can it be construed that interest is not a service?
19 June 2012
Interest is not a service. Interest part is excluded from taxability.
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