15 July 2015
Hi Friends,
As per the new notification 12/2014-ST dated 11-7-2014,
rate of interest payable on service tax in case of default in payment of the same will be calculated as per the slab :
upto 6 months = 18%
more than 6 months = 1st six months, 18% and for remaining months, 24%.
beyond 1 year = 1st six months,18% + next six months,24% + for period beyond one year, 30%.
My question is that,
is there any concession in rate of interest for small service provider (i.e 3%) from 18%, 24%, 30% to 15%, 21%, 27% ?
Please provide your suggestions.
Thanks in advance.
19 July 2015
Yes the concession of 3% ,as in the past is still there.for those tax payers ,whose total services billing in the preceding year or in the last 3 years was below 60 Lacs ,this concession is there.pl refer the relevant provision.ca sagar mal pareek
CAclubindia
