ST on interest on Personal Loan

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CA Final Student
43 Points Posted on 02 January 2008

What will be the rate of service tax charge by Bank or any Financial Institution on Personal Loan taken? If i will purchase any product by using any credit Card, should bank charge me any Service Tax? If i become a defaulter then on peneltimate Interest shall Bank will charge Service Tax?

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On 02 January 2008 at 14:12 Report
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Chartered Accountant
120 Points Posted on 04 January 2008
Bank will charge service tax on his fees like collection fees or processing fees. service tax is not leviable on interest.
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On 04 January 2008 at 13:39

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