interest on late deposit of service tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 May 2011
Sir,
service tax due on 5th feb2011, march2011, & april 2011 deposited on 31.05.2011 what will be the rate of interest on late payment of service tax
Thanks
service tax due on 5th feb2011, march2011, & april 2011 deposited on 31.05.2011 what will be the rate of interest on late payment of service tax
Thanks
31 May 2011
rate of interest shall be 13% p.a. from the date following the due date till the date of payment.
31 May 2011
Till 31/3/2011 simple interest @13% has to be payed for the delayed period. But vide notification 14/2011 dated 1/3/2011 interest rate is enhanced to 18%. However, if turn over of the service provider is up to Rs. 60 lakhs such service providers are liable to pay only 15%. This change is effective from 1/4/2011.
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