Interest & penalty on late payment of Service tax
This query is : Resolved
16 April 2009
Kindly inform me what will be the interest rate for delay in payment of service tax. Also tell me what will be penalty for delay in payment of service tax.
KIYOSH
KIYOSH
16 April 2009
Interest for delay in remitting service tax is 13% per annum to be calculated for the number of days delay.
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16 April 2009
Penalty which shall not be less than Rs.200/- for every day during which such failure continues or @2% of such tax per month whichever is higher. However the penalty amount shall not exceed the amount of service tax payable.
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16 April 2009
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