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Interest rate of late payment of service tax

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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

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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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