Interest rate on late payment of service tax
This query is : Resolved
MOHD MOFEEQUE
(Querist)
05 October 2016
Dear Sir,
Please advise what is rate of interest of late payment service tax.
Please advise what is rate of interest of late payment service tax.
Rajannaidu
(Expert)
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
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
(Querist)
07 October 2016
Dear Sir,
I have my taxable service is 8 lakh then i am liable to pay only 12%.please confirm
I have my taxable service is 8 lakh then i am liable to pay only 12%.please confirm
Rajannaidu
(Expert)
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
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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