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

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

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.

Message likes : 1 times

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

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now