Interest rate on late payment of service tax

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MOHD MOFEEQUE

MOHD MOFEEQUE (Querist)
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05 October 2016 Dear Sir,
Please advise what is rate of interest of late payment service tax.

Rajannaidu

Rajannaidu (Expert)
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06 October 2016 1. Service Tax collected but not deposited to the Government - rate of interest-24%
2. In other Cases 15%
3. If in case the value of taxable services of preceding year does not exceeds Rs. 60 Lakhs, then the rate of interest on late payment will be 12%.
Above rates are applicable with effect from 14th May 2016

MOHD MOFEEQUE

MOHD MOFEEQUE (Querist)
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07 October 2016 Dear Sir,
I have my taxable service is 8 lakh then i am liable to pay only 12%.please confirm

Rajannaidu

Rajannaidu (Expert)
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07 October 2016 yes, 12% as the due amount is less than 60 lakhs,

However, if your total turnover is less than 10 lakhs in a financial year, then you are exempted from service tax

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