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Cenvat Credit of Bank Interest

This query is : Resolved 
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(Querist)
10 August 2009 Whether we can take service tax input credit on bank interest on OD Accounts by reverse calculations???

For Ex. If a company having a od of Rs.1 Crore & paying interest of Rs.1Lakh p.m Whether they can take Rs.9338(100000*10.3/110.3) as service tax input credit
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UMA SHANKER SHARDA

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UMA SHANKER SHARDA (Expert)
10 August 2009 On Bank intererst, Bank is not charging service tax. On bank charges, the bank is charging service tax and cenvat for that can be taken by reverse calculation provided either you have a circluar of bank mentioning that charges are inclusive of service tax or obtain a certificate from bank that service tax has been charged and deposited by bank.

U S Sharda
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