Interest & panelty

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 October 2016 SIR

PLEASE LET ME KNOW THE INTEREST OR PANELTY ON DELAY OF SERVICE TAX DEPOSIT OR SERVICE TAX RETURN.

THANKING YOU

MUKESH K SABRI

Rajannaidu

Rajannaidu (Expert)
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25 October 2016 Financial Year 2016-17
Conditions Rate of Interest
Service Tax collected but not deposited to the exchequer (Government) 24%
Other Cases 15%
If in case the value of taxable services of preceding year does not exceeds Rs. 60 lakhs, then the rate of interest on late payment will be 12%.

Rajannaidu

Rajannaidu (Expert)
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25 October 2016 The following interest on delayed payment of service tax will be applicable from 1-10-2014 till 13th may 2016
Period of delay Rate of simple interest
Upto 6 month 18% p.a.
More than six month and up to 1 year 18% p.a. for the 1 st six month of delay and 24% p.a. for the
delay beyond 6 months.
More than a year 18% p.a. for the 1 st six month of delay + 24% p.a. for the period
beyond 6 month upto 1 year + 30% p.a. for any delay beyond one year