Rate of interest as per notification no. 13 dt. 01.03.2016
This query is : Resolved
31 March 2016
Dear Experts,
As per Notification No. 13 dt. 01.03.2016, rate of Interest payable is 24% in case of Service Tax Collected but not paid within time. My question is, are this 24% also applicable on Service Tax payable under Reverse Charge as in this case, Service Tax not collected from anyone.
Secondly, assessee is a Transporter and as per Point of Taxation Rules, Service tax would be paid by them on issue of Consignment Notes (not on Collection of Service Tax). What is the Rate of Interest for late payment of Service Tax as per this Notification No. 13 dt. 01.03.2016.
As per Notification No. 13 dt. 01.03.2016, rate of Interest payable is 24% in case of Service Tax Collected but not paid within time. My question is, are this 24% also applicable on Service Tax payable under Reverse Charge as in this case, Service Tax not collected from anyone.
Secondly, assessee is a Transporter and as per Point of Taxation Rules, Service tax would be paid by them on issue of Consignment Notes (not on Collection of Service Tax). What is the Rate of Interest for late payment of Service Tax as per this Notification No. 13 dt. 01.03.2016.
CA Darshan
(Expert)
31 March 2016
Interest rate under Reverse Charge Mechanism (RCM) is same as in other case i.e. 24% as per notification.
Point of Taxation in Case of GTA will be on issue of Contract notes or Payment whichever is earlier.
Point of Taxation in Case of GTA will be on issue of Contract notes or Payment whichever is earlier.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Issuing of delivery challan by seller of goods
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- Taxation of crypto futures in India Fy 2026- 2027
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
