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Service Tax - Highlights / Catch Notes

Home Highlights November 2015 Year 2015 This

Credit availed on exempted services - interest earned by the ...

Service Tax

November 2, 2015

Credit availed on exempted services - interest earned by the bank on loans and advances, whether it is exempted service or taxable service - for the banking and financial institution under Rule 6(3) (D) the provision was available for straight 50% reversal of interest. - AT

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  1. Levy of IGST - credit card services - interest component of the Equated Monthly Instalments (EMI) of the loan granted by the respondent Bank on credit card - he services...

  2. Reversal of proportionate credit - the services in advancing loans etc. are exempt. Therefore, the amount of interest earned in advancing of loans needs to be taken into...

  3. Disallowance of interest expenses - as observed by AO that assessee-company had advanced interest free loan as advanced out of secured loan availed from the Bank of...

  4. Disallowance of interest expenditure - The interest income earned by the assessee is from loans and advances given to sister concern which is shown by the assessee to...

  5. Disallowance of interest on the advance - Simply because the assessee has secured loan from Standard Chartered Bank that does not mean that same interest bearing fund...

  6. Disallowance of amount of interest on the amount advanced as interest-free advance & loans - Assessee on one hand is advancing interest free loans and advances to his...

  7. CENVAT Credit - input service - Deposit Insurance Service provided by Deposit Insurance and Credit Guarantee Corporation - nexus of such service with the actual...

  8. CENVAT Credit - Input Services - the insurance service provided by the Deposit Insurance Corporation to the banks is an “input service” and CENVAT credit of service tax...

  9. Allowability of service tax credit - Input credit relates to cell phone service availed, courier service as well as service of travel agent availed and telephone...

  10. Levy of GST - Credit Card loan - tax charged by the bank on each instalment of interest together with the loan amount paid by the appellant. - the appellant’s above...

  11. CENVAT Credit - trading activities - Rule 6 of CENVAT Credit Rules, 2004 deals solely with the situation of CENVAT Credit resulting from exempted services and exempted...

  12. 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

  13. Addition of interest attributable on the diversion of loan fund - Once own fund of the assessee exceeds the amount of interest free loans and advances, then a...

  14. Reversal of Cenvat Credit - Whether the appellant is liable to pay 5% / 6% / 7% of the value of exempted services (trading) as they failed to maintain separate accounts...

  15. Levy of service tax - banking and other financial services - premium on interest restructuring of loan as interest on loans - It is not possible to accept the contention...

 

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