dayanand (Sr.Officer) (34 Points)
18 September 2015We are into business from 01/05/2014 as service provider.
Our total taxable turnover for the FY 2014-15 is Rs.1.15 Crore.
Our total service tax liability for the FY 2014-15 around Rs.1,00,000/-. now we are going to pay the ST amount with interest. Anybody please clarify, whether we can opt concessional rate of interest @ 15% PA (Proviso to Section 75 of finance Act, 1994) or not to pay the due amount.
CMA Poornima Madhava
(CMA)
(13097 Points)
Replied 18 September 2015
Concessional rate of interest @ 15% is applicable only if the annual turnover of taxable services during the PY/FY is <=Rs.60 lacs. Since the turnover exceeds the limit, I think this provision is not applicable in your case.
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