A Primary Agricultural Credit Co-operative Society is engaged in the business of Accepting Deposits from and Lending to its members. The entire activity of accepting deposits and lending is restricted to MEMBERS ONLY. Whether service tax is attracted on its income from lending activity such as loan service charges, expenses recovered, etc. under the category of 'Banking and Other Financial Services' ?
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Banking and other financial services
Replies (1)
No. It is not taxable provided it is doing service to its own members. Moreover, the society is doing operations with respect to agriculture. Pls see if there is any exemption to agriculture.
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