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Credit card interest

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(Querist)
03 January 2014 Why service tax is levied on the interest portion in the credit card loan transactions whereas it is not charged in bank loans. We can agree for Stax for annual fees etc, but for interest why.
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C.A. Mayur J. Raiyani

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C.A. Mayur J. Raiyani (Expert)
03 January 2014 Use of credit card is a kind of facility/service that bank provides while loan is kind of product that bank sells to borrower.
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@VaibhavJ

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@VaibhavJ (Expert)
03 January 2014 HI

Interest charged by Banks is taxable under banking and financial services.

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