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Is there any concessional rate of interest for small service provider ?

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This query is : Resolved

kumar (Querist)

15 July 2015 Hi Friends, As per the new notification 12/2014-ST dated 11-7-2014, rate of interest payable on service tax in case of default in payment of the same will be calculated as per the slab : upto 6 months = 18% more than 6 months = 1st six months, 18% and for remaining months, 24%. beyond 1 year = 1st six months,18% + next six months,24% + for period beyond one year, 30%. My question is that, is there any concession in rate of interest for small service provider (i.e 3%) from 18%, 24%, 30% to 15%, 21%, 27% ? Please provide your suggestions. Thanks in advance.

Sagar mal Pareek

Sagar mal Pareek (Expert)

19 July 2015 Yes the concession of 3% ,as in the past is still there.for those tax payers ,whose total services billing in the preceding year or in the last 3 years was below 60 Lacs ,this concession is there.pl refer the relevant provision.ca sagar mal pareek

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