Int. rate of service tax payment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 October 2012
Interest rate for dealy payment of Service Tax
05 October 2012
wef 2011, its 18% pa
CA Ayush Agarwal
(Expert)
05 October 2012
Yes WeF 01/04/2011 - 18% PA Calculated Per Annum Basis.
Even to be Pay for 1 Day Late Payment 1 Day Interest Only.
“Provided that in the case of a service provider, whose value of taxable services provided in a financial year does not exceed sixty lakh rupees during any of the financial years covered by the notice issued under sub-section (3) of section 73A or during the last preceding financial year, as the case may be, such rate of interest shall be reduced by three percent per annum.”
That is 15%.
Even to be Pay for 1 Day Late Payment 1 Day Interest Only.
“Provided that in the case of a service provider, whose value of taxable services provided in a financial year does not exceed sixty lakh rupees during any of the financial years covered by the notice issued under sub-section (3) of section 73A or during the last preceding financial year, as the case may be, such rate of interest shall be reduced by three percent per annum.”
That is 15%.
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