Service Tax
This query is : Resolved
11 October 2008
Can a bank charge service tax on late payment fees of credt card...??
pls rply soon.....
pls rply soon.....
11 October 2008
Section 65 (33a) says any service provided...
Similarly section 67 says consideration includes any amount payable for the services provided....
On a reading of the above sections it seems that a bank can charge service tax on the late payment fees also.
Similarly section 67 says consideration includes any amount payable for the services provided....
On a reading of the above sections it seems that a bank can charge service tax on the late payment fees also.
11 October 2008
Yes the Bank can charge service tax on the late fees
12 October 2008
Sir but service tax can only be charged on services rendered,and late payment charges is a penalty....so bank should charge the interest on late payment....
Pls clarify sir....
thanks
Pls clarify sir....
thanks
13 October 2008
Sir, in reply to my above query you have given references of section(65(33A)&67,but service tax has not been framed into any act,so there are no sections but rules as it is prescribed in the chapter 5 of the finance act,1994.... pls clarify sir...
Thanks
Thanks
18 October 2008
Unfortunately the banks call them as services.
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