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Interest @ 13% or 18%

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(Querist)
22 May 2012 hello,

pls clarify if Interest on Service tax is to be paid for F.Y 2010-11 @ 13% or 18%.

Is the change got retrospective effect from April 2010 to April 2011..

Thank you!
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CA. RICHI SAXENA

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CA. RICHI SAXENA (Expert)
22 May 2012 The new rate of interest of 18% will be applicable from 1st April, 2011.


NOTIFICATION NO. 14/2011-SERVICE TAX, DATED 1-3-2011
In exercise of the powers conferred by section 75 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 26/2004-Service Tax, dated the 10th September, 2004, published in the Gazette of India, Extraordinary, vide Number G.S.R. 601 (E), dated the 10th September, 2004, namely:-
In the said notification, for the words “thirteen per cent”, the words “eighteen per cent” shall be substituted.
2. This notification shall come into force on the 1st day of April, 2011.

CA.Richi Saxena
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RAMESH KUMAR VERMA

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RAMESH KUMAR VERMA (Expert)
22 May 2012 agreed with the expert...


Regards,
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
22 May 2012 Two rates. Up to 31-03-2011 13% and from 01-04-2011 18% (15% if preceding year gross value is less than Rs.60 lakhs).
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