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Service tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 June 2013 what is the interest rate for late payment of service tax....?
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CA Kapil Verma

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CA Kapil Verma (Expert)
12 June 2013 18% per annuam and interest will be calculated on day basis.

suppose your st deposit date was 06.03.2013 and you have deposited is on 10.03.2013 then you will liable to pay interest for 4 days.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
12 June 2013 O.K

But in case of a service provider, whose value of taxable service provided in a financial
year does not exceed Rs. 60 lakh during the preceding financial year rate of
interest shall be reduced by 15% per annum.

Please see 2nd proviso to section 73B.
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