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Interest on bill discounting-service tax applicability

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(Querist)
19 February 2013 Please confirm whether service tax is applicable on bank charging interest on early payment of bill discounting by customer
Eg:Customer bank is giving us early payment & customer will settle the same to banker on maturity of payment interest on that whether service tax is applicable?
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Arvind Tiwari

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Arvind Tiwari (Expert)
20 February 2013 No Service tax is applicable on the Bank Interest as it if falling under Section 66D of Negative List.

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