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Interest & penalty on late payment of Service tax

This query is : Resolved 

16 April 2009

Kindly inform me what will be the interest rate for delay in payment of service tax. Also tell me what will be penalty for delay in payment of service tax.


B.Chackrapani Warrier (Expert)
16 April 2009

Interest for delay in remitting service tax is 13% per annum to be calculated for the number of days delay.

B.Chackrapani Warrier (Expert)
16 April 2009

Penalty which shall not be less than Rs.200/- for every day during which such failure continues or @2% of such tax per month whichever is higher. However the penalty amount shall not exceed the amount of service tax payable.

Manmohan ACA, CS (Expert)
16 April 2009

Agree with expert

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