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Interest on late payment of service tax

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(Querist)
04 November 2016 Dear Experts,
Kindly tell me the Rate of Interest on Late payment of service tax and I want to know weather the Interest is to Imposed on Total Service tax payable Before Adjustment of cenvat Credit or After Adjusting Cenvat Credit and Weather to calculate the Interest on service tax and cess combined or for the service tax amount alone. Thanks in Advance
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Raghavendra

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Raghavendra (Expert)
04 November 2016 HI,

From 2016-17 on wards:- Interest rate on delayed payment of of service tax is uniform at 15%, but in the case of Service Tax collected but not deposited to the government will be 24% from the date on which the Service Tax payment became due.

Interest liability will be calculated after set off of input credit, and Interest is calculated on total ST liability ( including ST, Cess)

Raghavendra
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KEYUR

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KEYUR (Expert)
04 November 2016 IF TURNOVER/ RECEIPTS IS GREATER THAN 60 LACS THEN 18% OTHERWISE 15% P.A. INTEREST TO BE CALCULATED DAY WISE.
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Thiyagarajan

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Thiyagarajan (Querist)
05 November 2016 Thanks For Your Clarification Sir..
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