financial / operating lease

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ARUN kUMAR JAIN (Querist)
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03 September 2008 pl advise about the definition and difference of financial lease and operating lease.
What is applicability of service tax in this regard.

CMA Jitendra Singh

CMA Jitendra Singh (Expert)
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03 September 2008 The Financial lease is a sort of hire purchase arrangement where there is contract between Bank (Lessor) and customer(Lessee) for the hire of certain assets.The service tax covered under this and charged under head "Banking & financial services"

The operating lease is a normal rental agreement of the movable & immovable properties where service tax charged under two different heads- 1.Operating lease of Immovable properties 2.Business Support Services -Infrastructural Services

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