Please let me know whether service tax on lease rent of machinery is applicable or not
Service Tax on Lease Rent of Machinery
Yogesh M Ved (Asst. Manager - Accounts) (24 Points)
15 October 2009
3 Replies
EKALABYA TALUKDAR
(SERVICE TAX CONSULTANT)
(666 Points)
Replied 15 October 2009
| Originally posted by :Yogesh M Ved | ||
| " | Please let me know whether service tax on lease rent of machinery is applicable or not | " |
YES
Pavan Jain S
(Chartered Accountant)
(1575 Points)
Replied 17 October 2009
Yes. Under the head "Use of Tangible Goods" if the possession and control is not transferred.
Madhukar N Hiregange
(Chartered Accountant)
(39034 Points)
Replied 19 October 2009
The terms of agreement are important. Where the control and posession of the same is given to the cusotmer then not under supply of tangible goods. In this case only VAT would be applicable.
You may have to also examine under banking and financial services ( a 90% abatement is allowed on the lease renatals I think)
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