Service Tax on ATM Interchange

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Service Tax on ATM Interchange
Query (Issue) Started By: - VENKATRAMAYYA K Dated:- 30-12-2014 Last Reply Date:- 14-1-2015 Service Tax
Got 3 Replies
Service Tax
At present, Acquiring banks .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... are charging of ₹ 15+(1.85 service tax) to Issuing banks for each ATM cash withdrawal transaction. Issuing banks are recover ₹ 20 (including service tax 17.80+2.20) from their customers. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... I would like to know whether issuing banks needs to pay the service tax of ₹ 2.20 or ₹ 0.35 (2.2-1.85). Please suggest. Reply By PAWAN KUMAR: The Reply: Dear Sir, As per my view, issuin .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... g banks need to pay service tax of ₹ 2.20. Reply By VENKATRAMAYYA K: The Reply: Hi, Thanks for sharing your view. Issuing bank can adjust the service tax of ₹ 1.85 paid by Acquiring ban .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... k with recovered from customer of ₹ 2.20 as the transaction is same. Isn't double tax if issuer pay service tax of ₹ 2.20. Reply By MARIAPPAN GOVINDARAJAN: The Reply: Thanks for the .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... experts sharing their views in this regard.
Discussion Forum - Knowledge Sharing .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X