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service tax on operating lease of auto rickshaws, Service Tax |
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service tax on operating lease of auto rickshaws |
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NBFC WANTS TO LEASE OUT AUTO RICKSHAWS AS OPERATING LEASE. WHETHER THERE IS SERVICE TAX ON INTEREST PAYMENTS. BUT ON HYPOTHECATION OF ASSETS , INTEREST INCOME , NO SERVICE TAX IS PAID BY BANKS. PLEASE CLARIFY. Posts / Replies Showing Replies 1 to 4 of 4 Records Page: 1
Your question is not supported by full facts & figures. Interest payment is out of ambit of service tax. How does hypothecation of assests & interest income come into picture. What is the nexus between NBFC & banks? Whether you compare the service rendered by an NBFC & a Bank? Which amount, to come under tax purview, is being sought for? [Views expressed are individual in nature]
NBFC WANTS TO LEASE OUT AUTO RICKSHAWS AS OPERATING LEASE. WHETHER THERE IS SERVICE TAX ON INTEREST INCOME EARNED ON OPERATING LEASE OF AUTORICKSHAWS.
As per Notification 04/2006-ST, w.e.f. 01.03.2006 service tax will be payable only on 10% of Interest plus management fees / Documentation charges/ processing fees in case of hire purchase and leasing.
Service Tax is not leviable in case of OPERATING lease.
Page: 1 Old Query - New Comments are closed. |
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