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No service tax liability on foreclosure charges collected by banks & NBFCs on premature termination of loans
Case Law Details
- Case Name
- Sundaram Finance Ltd. Vs Commissioner of GST & Central Excise (CESTAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All CESTAT, CESTAT Chennai
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Sundaram Finance Ltd. Vs Commissioner of GST & Central Excise (CESTAT Chennai)
No service tax liability on foreclosure charges collected by banks and NBFCs on premature termination of loans
The CESTAT, Chennai in M/s Sundaram Finance Ltd. [Service Tax Appeal No. 646 and 647 of 2012 dated February 22, 2023] has set aside the orders passed by the Revenue Department levying service tax on Foreclosure Charges (“FC”) collected by the assessee. Held that, the FC collected by banks or Non-Banking Financial Company (“NBFC”) on premature termination of loans cannot be subje...
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