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financial / operating lease

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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.
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CMA Jitendra Singh

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CMA Jitendra Singh (Expert)
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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