Interest on delay in payment of service tax
This query is : Resolved
CA. VIKAS GUPTA
(Querist)
23 July 2010
Dear Friends,
i have got an information regarding panelty for delay in payment of service tax @ 2% p.m. on the amount of service tax. as per this information, effactive rate of inerest & panelty on delay in payment of service tax comes out to 37% p.a. (13% interest + 24% panelty as told above). But i could not find any notification/ circular or any legal provision in this ragard. Pls. tell me about the same provision.
thanx
i have got an information regarding panelty for delay in payment of service tax @ 2% p.m. on the amount of service tax. as per this information, effactive rate of inerest & panelty on delay in payment of service tax comes out to 37% p.a. (13% interest + 24% panelty as told above). But i could not find any notification/ circular or any legal provision in this ragard. Pls. tell me about the same provision.
thanx
23 July 2010
Penalty is specified in section 76.
Interest as per section 75 read with Notification No. 26/2004-ST, dt. 10/9/2004]
Interest as per section 75 read with Notification No. 26/2004-ST, dt. 10/9/2004]
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