Intrest on delay payment of service tax

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Querist : Anonymous

Querist : Anonymous (Querist)

27 February 2013 What will be the rate of interest on delayed payment of service tax? Whether it will be charged at the present rate of interest or rate applicable for the relevant periods. The service tax liability was for the period 2007-08 and 2008-09.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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27 February 2013 Interest upto 31/3/2011 shall be calculated @ 13% per annum for the number of days delay in payment.
Thereafter @ 18 % per annum ,(notification 14/2011 dated 1/3/2011) ,for the number of day s delay in payment of service tax. However, 3% rate reduction, (proviso to section 73B ),is allowed if value of taxable service in last preceeding financial year is up to Rs. 60 lakhs.

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