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Service Tax on leasing tangible assets

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27 January 2011 We have leased out water pumping systems for 10 years and collected upfront lease rentals in advance from the various users from the year 1998-2003. We are amortizing this amount every year and treating it as a income of lease rentals. Let us know service tax liability as the upfront collected well in advance before imposition of service tax and secondly company has not collected any amount t/w service tax from the lessees as these services were not covered under service tax perview. pl.clarify.
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
27 January 2011 Lease agreement was signed well before the application of service tax, Service tax will not apply in your case.
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