Interest on late payment of service tax
Querist : Anonymous
The new rate of interest of 18% will be applicable from 1st April, 2011.However interest rate is reduced by 3 % for turnover up to 60 Lacs
“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.”
Querist : Anonymous
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