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Discussion > Service Tax >

RATE OF INTEREST ON DELAYED PAYMENT OF SERVICE TAX

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PRACTICING CHARTERED ACCOUNTANT

[ Scorecard : 7917]
Posted On 06 January 2009 at 08:27 Report Abuse

GOOD MORNING, SOMEBODY TELL ME WHAT IS THE PRESENT RATE OF INTEREST ON DELAYED PAYMENT OF SERVICE TAX?

IS THERE ANY PENALTY ALONGWITH THIS INTEREST ON DELAYED PAYMENT OF INTEREST?


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raghuraj
CA-Final-Asst.Manager Accounts

[ Scorecard : 30]
Posted On 06 January 2009 at 09:06

Rate of Interest on delayed payment of servicetax is 13%p.a.and interest to be calculated based on the number of days of delay.

Raghuraj

 





CA SUDHIR HALAKHANDI
PRACTICING CHARTERED ACCOUNTANT

[ Scorecard : 7917]
Posted On 06 January 2009 at 09:18

THANKS BUT MY SECOND QUESTION IS STILL PENDING- PENALTY?




OFFICESELVA
Service

[ Scorecard : 512]
Posted On 06 January 2009 at 09:27

If you pay service tax along with interest mostly department will take lenient view and not impose penalty.  Moreover, penalty can be imposed only after issuing show cause notice and giving an opportunity to present the reasons for delayed payment of service tax.




Ritesh
CA Final

[ Scorecard : 326]
Posted On 06 January 2009 at 09:37

Mr. Sudhir Halakhandi,

 Interest as already said by Mr. Raghuraj will be charged @ 13%....As far as penalty is concerned, it would be levied equal to higher of following:

Rs. 200 every day during which failure continues

or 2% of Tax per month

for the no. of days for which delay occurs

But such Penalty can't exceed the Tax payable




srikanth
trainee

[ Scorecard : 21]
Posted On 07 April 2010 at 12:04

Dear sir

i am in default of paying service tax amount of Rs. 5667/- and education cess Rs.137/- Total 5994 for the quarter of September 2009. till date how much interest and penalty if any i have to pay.

please give me a solution

Thanks & regards

Srikanth




Pragnesh Sitapara
AM - Taxation

[ Scorecard : 1244]
Posted On 09 April 2010 at 16:30

Interest will be 13% p.a. on Rs.5994/-. calculate on daily basis from 5th Oct. 09 to till last date of payment.

Regards

Pragnesh




Anukool
Accounts Manager

[ Scorecard : 21]
Posted On 05 March 2011 at 09:35

What is the current interest rate?




Shikha Agarwal
Practicing Chartered Accountant

[ Scorecard : 25]
Posted On 18 April 2012 at 13:26

The current rate of interets is 18% wef 1.4.2011. and  in case where the value of taxable services provided in a financial year is not more that Rs. 60 lakh the applicable tax rate will be 15% for the number of days of delay.

 



Rakesh Goenka
CA & CS

[ Scorecard : 850]
Posted On 18 April 2012 at 13:31

 I agree with  Shikha agarwal  rate  is 18 % okay



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