Interest rate of late payment of service tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 July 2013
Dear Sir
Pls. tell what is interest rate for late payment of service tax for period of 01-01-2013 to 31-03-2013 and 01-04-2013 to 30-06-2013, and how it is calculated? is penalty aplicable on it? if yes then how it is calculated
Pls. tell what is interest rate for late payment of service tax for period of 01-01-2013 to 31-03-2013 and 01-04-2013 to 30-06-2013, and how it is calculated? is penalty aplicable on it? if yes then how it is calculated
17 July 2013
Interest rate ( As per otification no. No. 6/2011) is 18% p.a on service tax if value of taxable service is more than Rs. 60 Lakhs and if less than Rs. 60 Lakh, you have to pay 15% p.a. interest on service tax if you do not pay service tax within the due date. The new rate of interest of 18% p.a. is applicable from 1st April, 2011.
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Querist : Anonymous
Querist :
Anonymous
(Querist)
17 July 2013
Thank you sir, my Value of taxebal service is less than rs. 60 lakhs, so 15% p.a. Interest applicble on me or 18% as you told new rate, and any penlaty applicable on me
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