Applicability of s. tax on h.p. interest for individual
This query is : Open
17 October 2013
If assessee is an individual and engaged in the business of financing purchase of goods on Hire Purchase, will Service Tax provisions apply on interest received in this?
Please reply.
Please reply.
17 October 2013
yes service tax provision applicable if annual turnover crosses the limit of Rs.10lakhs
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17 October 2013
Thank You.
And can you please confirm, it will be applicable irrespective of assessee being individual or body corporate.
and also that will abatement be available?
And can you please confirm, it will be applicable irrespective of assessee being individual or body corporate.
and also that will abatement be available?
17 October 2013
service tax is applicable on everyone except individual if he let out his property for residential purpose.
17 October 2013
Mam, i think there is some confusion. I am asking about Hire Purchase finance services by an individual.
17 October 2013
Yes i am giving the reply of your query....as you are engaged in hire purchase service (and not letting out house property for residential purpose) so your service is taxable.
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17 October 2013
okay....you mean every service provided by an individual except renting of property of House property for residential purpose is under the ambit of service tax.
and what about the abatement of 10% mam, can it be availed?
and what about the abatement of 10% mam, can it be availed?
17 October 2013
Mam, if possible, can you please give me some reference in the law or some case laws on the applicability of the provisions in this case.
It will be a great help.
It will be a great help.
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