Rate of Interest is 1/2% per month or part of a month from the first day of the AY (if refund is of advance tax) in all the other cases 1/2 % from the date of payment of such tax till the grant of refund.
21 August 2014
please refer Notification No. 8/2006-Service Tax Dated: April 19, 2006 along with section 73B of Finance Act 1994. The effective rate is 18%.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
21 August 2014
dear Nikhil ji you have mention service tax rate on delay payment of service tax ,which is 18% per annnum. my question is interest rate on service tax refund,which is excess paid bt the assessee to the Government.
21 August 2014
My bad. You got to refer section 83 of finance act 1994 read with Central Excise Act section 11BB read with notification NOTIFICATION NO. 67/2003-CE(N.T.) DATED 12/09/2003. Rate as I last checked is 6%.