Interest & panelty
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 October 2016
SIR
PLEASE LET ME KNOW THE INTEREST OR PANELTY ON DELAY OF SERVICE TAX DEPOSIT OR SERVICE TAX RETURN.
THANKING YOU
MUKESH K SABRI
PLEASE LET ME KNOW THE INTEREST OR PANELTY ON DELAY OF SERVICE TAX DEPOSIT OR SERVICE TAX RETURN.
THANKING YOU
MUKESH K SABRI
Rajannaidu
(Expert)
25 October 2016
Financial Year 2016-17
Conditions Rate of Interest
Service Tax collected but not deposited to the exchequer (Government) 24%
Other Cases 15%
If in case the value of taxable services of preceding year does not exceeds Rs. 60 lakhs, then the rate of interest on late payment will be 12%.
Conditions Rate of Interest
Service Tax collected but not deposited to the exchequer (Government) 24%
Other Cases 15%
If in case the value of taxable services of preceding year does not exceeds Rs. 60 lakhs, then the rate of interest on late payment will be 12%.
Rajannaidu
(Expert)
25 October 2016
The following interest on delayed payment of service tax will be applicable from 1-10-2014 till 13th may 2016
Period of delay Rate of simple interest
Upto 6 month 18% p.a.
More than six month and up to 1 year 18% p.a. for the 1 st six month of delay and 24% p.a. for the
delay beyond 6 months.
More than a year 18% p.a. for the 1 st six month of delay + 24% p.a. for the period
beyond 6 month upto 1 year + 30% p.a. for any delay beyond one year
Period of delay Rate of simple interest
Upto 6 month 18% p.a.
More than six month and up to 1 year 18% p.a. for the 1 st six month of delay and 24% p.a. for the
delay beyond 6 months.
More than a year 18% p.a. for the 1 st six month of delay + 24% p.a. for the period
beyond 6 month upto 1 year + 30% p.a. for any delay beyond one year
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