Service tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 February 2012
WHAT IS INTEREST RATE OF SERVICE TAX RETURN LATE SUBMIT.
04 February 2012
i) 18% simple interest per annum for the number of days delay.
ii) However, if yearly value of taxable service is up to 60 lacs, interest may be calculated @ 15% instead of 18%.
iii) The new rate of interest of 18% / 15% will be applicable from 1st April, 2011.
ii) However, if yearly value of taxable service is up to 60 lacs, interest may be calculated @ 15% instead of 18%.
iii) The new rate of interest of 18% / 15% will be applicable from 1st April, 2011.
Jatin Agrawal
(Expert)
04 February 2012
upto 15 days -500
15-30 days - 1000
30days+ - 1000+100 per day.......max penalty 20k
the above are penlaty for late filing of returns
for late payment of service tax it is 18% p.a.
a relief of 3 % i.e 15% p.a
is provided to "a service provider, whose 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 issued under sub-section (3) of section 73A or during the last preceding financial year, as the case may be, such rate of interest shall be reduced by three percent per annum.”
upto 15 days -500
15-30 days - 1000
30days+ - 1000+100 per day.......max penalty 20k
the above are penlaty for late filing of returns
for late payment of service tax it is 18% p.a.
a relief of 3 % i.e 15% p.a
is provided to "a service provider, whose 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 issued under sub-section (3) of section 73A or during the last preceding financial year, as the case may be, such rate of interest shall be reduced by three percent per annum.”
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