Service Tax on Interest on loan from bank

This query is : Resolved

Lovnish Gupta (Querist)
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07 March 2011 Hi

I have availed cash on call loan from HDFC bank on my credit card limit. Bank is charging service tax on interest component and adding the same in EMI amount. When I contacted bank they are giving basis of banking and financial services taxable under service tax but I have told them i.e. applicable for transactions done through credit card only.

Please look into this and give reference for appropriate case law or section as applicable.

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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23 February 2013 No Service tax is Charged on Delayed payment Interest paid on Credit Card.
Refer Case of Central bank, Banglore CESTAT.

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