Interest penalty under service tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 March 2013
Can some one describe me the provisions regarding consequenses if someone is not paying interest on delay payment of service tax and also the method of calculation if he wants to pay in the near future.
CMA Ramesh Krishnan
(Expert)
23 August 2013
Interest rate on delay payment of service tax is 15% p a when the your turnover is less than Rs.60 lakhs and 18% p a if your turnover is more than Rs.60 lakhs. interest can be calculated as day dasis
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