28 June 2016
Dear sir,
Can anyone please respond, whether wht would be the rate of interest needs to be paid for the late payment of service tax due for the month of March 2016, as the rate was earlier 18% and now the finance bill got assent as on may 14, 2016 and new rate of interest rose to 24%.
For example i have due Rs. 100/- for the month of march.
Case 1 do i have to pay 18% till may 13, 2016 and 24 % after may 14, 2016.
Case 2 do i have to pay 24% considering retrospectively.
Case 3 do i have to pay 18% as the payment belongs earlier period when law does not enforce.
Many thanks to respond.
CAclubindia
