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Rate of interest and penalty on delayed payment

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(Querist)
30 October 2012 What is the rate of interest on late deposit of Service tax for a company.(company is required to pay service tax under reverse charge and is currently not providing any taxable service.

Also inform the penalty provisions if there is a default of 10 days in payment.
Does it works out to be 2%for 10 days and 200 per day whichever is less as per section 76.

Please guide..
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CA Sahil Singla..

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CA Sahil Singla.. (Expert)
30 October 2012 The interest is to be paid @ 18% p.a.
You need not pay penalty till you are issued Show cause.
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