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Service Tax - Highlights / Catch Notes

Home Highlights November 2014 Year 2014 This

Hire purchase and financial lease service - Interest on loan is ...

Service Tax

November 24, 2014

Hire purchase and financial lease service - Interest on loan is exempted from service tax is not to be included in the taxable service - stay granted - AT

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  1. The hire charges received by the assessee under the hire purchase agreement is an interest on loan and liable to tax under Interest Tax Act, 1974 - HC

  2. Hire purchase agreement - applicant argued that hire purchase transactions are essentially financial services and are not subject to sales tax - argument rejected - HC

  3. Revenue vs. capital expenditure - hire-purchase v/s agreement of lease - right to purchase to be exercised after expiry of certain period - held as lease transaction /...

  4. Certain services as recommended by Goods and Services Tax Council for real estate sector exempted including TDR or FSI or Upfront amount in case of long term lease etc.

  5. Service tax liability - Banking and other Financial services - prima facie interest earned on discounting of bills, bills of exchanges or cheques are not exempt - AT

  6. Depreciation on assets of hire purchase and leasing business – setting up of new business i.e. new source of income - There is no interconnection between the businesses...

  7. During the period of dispute, the renting of plant & machinery by the appellant under lease agreement/licence agreement was not taxable as Banking and Financial Services - AT

  8. Classification of services - Banking and other Financial Services or not - Since the basic function of the appellant is to construct the houses and then to sell it...

  9. Classification of services - Banking and other Financial Services or otherwise? - CESTAT has returned a clear finding that hire purchase is but loan and that hirer...

  10. Reversal of CENVAT Credit - once it is concluded that the Financial Leasing Service is not an exempted service, there is no justification in considering the portion of...

 

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