Service Tax on leasing tangible assets
This query is : Resolved
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.
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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