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Service tax on monthly emi interest
Dear Sir/ Madam,
Kindly reply against query regarding service tax on EMI interest when the item is purchased online.
Can a bank charge Service tax on Interest Amount...?
Thanking you,
Best Regards,
Mitul Shah
Replies (3)
Bank cannot charge on interest amount. Bank can charge on the facilitation or convenience service it has provided to you.
Service tax is not charged on Interest (negative list). convenience,processing charges etc attracts ST.
Thanks for your reply,
kindly note:
I have used Credit Card for online purchase the bank have charged service tax on interest amount.
plz find the attachment for your refrence.
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