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22nd September, 2004
Notification No. 29/2004 - Service Tax
In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central
Government, being satisfied that it is necessary in the public interest so to do, hereby exempts so much of the value of taxable
service provided to a customer, by a banking company or a financial institution including a non-banking financial company, or
any other body corporate or commercial concern, in relation to,-
(a) overdraft facility;
(b) cash credit facility; or
(c) discounting of bills, bills of exchange or cheques,
as is equivalent to the amount of interest on such overdraft, cash credit or, as the case may be, discount, from the service tax
leviable thereon under section 66 of the said Act, subject to the condition that the said interest amount is shown separately in
an invoice, a bill or, as the case may be, a challan issued for this purpose.
Anupam Prakash
Under Secretary to the Government of India
F. No. B2/8/2004-TRU
notifications no 29 2004 st | iKargos