Interest u/s 75
This query is : Resolved
28 January 2016
My question is that where the asessee volantarily made part payment of service tax within 30 days from relevant date, whether interest charged under section 75 will be on full amount or outstanding amount in show cause notice( in bonafide case)?
02 February 2016
Service Tax liability is payable on the 6th of the subsequent month for bodies corporate and 6th of the month subsequent to the end of the quarter for others. There is no period for payment of outstanding dues - whether a SCN cum Demand is issued or not. If the tax and interest is paid within 30 days of issue of SCN, then the penalty leviable is reduced to 25% of the amount payable. There is no provision for reduction of interest payable.
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