Interest on late payment of service tax.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 October 2013
What is the Interest Rate on Late Payment of Service Tax if I am not a Large Tax Payer? And What is the Due date of Service Tax for Private Ltd. Company?
CA Pallav Singhania
(Expert)
01 October 2013
In case of small service providers whose value of taxable service does not exceed Rs.60 lacs during the last financial year, the rate of interest shall be reduced by 3% per annum.
It means only 15% is the rate of interest.
Refer proviso to section 75, inserted with effect from 08.04.2011.
It means only 15% is the rate of interest.
Refer proviso to section 75, inserted with effect from 08.04.2011.
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