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Is service tax apllicable for Charges received on Demand Draft, Service Tax

Issue Id: - 107592
Dated: 16-11-2014
By:- nilesh akotkar

Is service tax apllicable for Charges received on Demand Draft

Contents

Dear Sir

Is service tax applicable?, If we are taken demand draft charges from client and Demand draft is above ₹ 15 lacks in the financial year and charges taken is above ₹ 50000.00

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Showing Replies 1 to 1 of 1 Records

Page: 1

1 Dated: 16-11-2014
By:- Rajagopalan Ranganathan

Dear Nilesh,

Banks are liable to pay service tax on it other income like guarantee charges, LC/DD charges, loan processing fees, inspection charges, cheque return charges, foreign exchange commission charges, remittance charges, account maintenance charges, etc. As per para 4.14.1 of Taxation of Services an Education Guide by CBEC "therefore service tax would be levied on service charges normally charged for various transactions in money including charges for making drafts, letter of credit issuance charges, service charges relating to issuance of CDs/CPs etc.

Page: 1