Penal Interest and Bouncing Charge received as ‘Consideration’ from Borrowers Are Leviable to Service Tax u/s 66E(e) of the Finance Act: CESTAT [Read Order]

By Shabna Rahim - On August 11, 2023 10:00 am - 2 mins read
Penal Interest - Penal Interest and Bouncing Charge - Bouncing Charge - Penal Interest and Bouncing Charge received as Consideration - taxscan

The Mumbai bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) held that the penal interest and bouncing charge received as consideration from the borrower are leviable to service tax under section 66E(e ) of the Finance Act,1944. The Bench held that activity of appellants in tolerating the act of ‘default and non-payment…

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