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Our Bureau

Chennai , May 19

FINANCE companies may be liable to pay service tax on their business because a recent Supreme Court judgment on the subject opened the door to such an eventuality, said Mr N. Prasad, an advocate, today.

Mr Prasad addressed members of the South India Hire Purchase Association on service tax, and identified a recent Supreme Court judgement as a pointer for finance companies.

He said the judgment (service tax on marriage halls ) showed that the Central Government could demarcate the part of revenue that had a service element to it, and tax the same.

Mr Prasad's observations came in the backdrop of uncertainty about the way finance companies' revenue would be taxed.

A final decision on the subject is yet to be taken.

More Stories on : Taxation | Courts/Legal Issues | NBFCs

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