Service tax on credit card emi
Veeral Katkoria (Student) (24 Points)
30 December 2015
Whether Service Tax is chargeable on INTEREST portion of CREDIT CARD EMI Transaction?
1 Replies
Ravi Soni
(Executive in Corporate Advisory)
(54 Points)
Replied 31 December 2015
Definition of service excludes transfer of money, however any activity related to money which involves consideration will certainly fall within the ambit of Service.
(Clause (zzzw) of Section 65(105) of the Finance Act, 1994) includes “any service provided by a banking company, financial institution including non-banking financial company or any other person, issuing such card to a card holder”
Hence, Interest on Credit Card EMI would be chargeable to Service Tax.
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