interest on late deposit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 August 2010
Dear Friends, what is the monthly interest rate on late filing of service tax amount
18 August 2010
Interest leviable @ 13% p. a. from the due date to the date of payment for service tax.
18 August 2010
Delay in payment of service tax, including a part thereof, attracts simple interest in terms of section 75 of the Act., The Rate of interest is as prescribed from time to time, in accordance with this section. At present the Rate of interest is 13% per annum. Further failure to pay service tax also attracts a penalty under section 76 of the Act, which shall not be less than Rs 200 for every day during which such failure continues or at the rate 2% of such tax per month whichever is higher, starting with the first day after the due date till the date of actual payment of the outstanding amount of service tax. however such penalty would not exceed the service tax payable
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