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sushil jaiswal

sushil jaiswal (Querist)
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05 November 2011 what is rate of interest for late payment of service tax?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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05 November 2011 Generally it is 18% per annum to be calculated for the number of days delay.
For those with a turnover up to Rs 60 lakh per annum, the applicable interest will be three per cent lower, ie.,at 15 per cent.

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PUNEET GOYAL

PUNEET GOYAL (Expert)
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05 November 2011 As per NN 15 dated 01.03.11 rate of interest is 18% pa. However it will be ruduce by 3% if the value of taxable services provided in a
financial year does not exceed sixty lakh rupees during any of the financial years covered by the notice or during the last preceding financial year, as the case may be.

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