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Interst rate

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29 March 2012 sir what is the interest rate on late payment on service tax.can we deposit service tax & interest both in one account
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CA CS Amit S. Kedia

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CA CS Amit S. Kedia (Expert)
29 March 2012 The rate of interest w.e.f 01/04/2011 is as follows-

1. if the value of services provided does not exceed Rs.60 Lacs during any of the financial years covered by the Notice u/s. 73A(3) or during last preceding financial year then 15% i.e (18%-3% reduction).
2. In any other case, rate of interest is 18%
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