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Service tax on bank finance charges

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(Querist)
04 December 2013 Hi,

Is service Tax applicable on Interest or Finance charges

Bank has levied service tax on Interest/Finance charges charged on Credit card delayed payments

Can any one confirm is this withing Service Tax laws
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Krupali

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Krupali (Expert)
04 December 2013 yes, it is applicable service tax on Interest
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
04 December 2013 Yes its applicable on finance charges but not on interest amount.
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Pravin

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Pravin (Querist)
04 December 2013 but the finance charge what they are saying is nothing but interest cost only know for delayed payment of credit card dues
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
04 December 2013 Service Tax will be applicable on financingcharges.
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