Service tax on interest income
Querist : Anonymous
Kindly clarify regarding service tax Applicability on Interest Income on Loan provided by Micro Finance Company ( Public Limited Co.)
Services by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount is covered by negative list.
Accordingly, no service tax on interest income.
Querist : Anonymous
Even What I think is Interest Income Cant Be Taken into Service Tax Purview Since Practically Its Seem Not Possible.
Querist : Anonymous
Thanks for sharing such valuable information.
Interest is nothing but the time value of money.. there is no service provider...he is just giving the money and collecting it with interest.. who is the service receiver???
It is transaction in money and covered by negative list
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