Change in Service Tax interest rate

Interest 1.5% per month or part there of 

late fine .............. upto 30 days 1000, thereafter 100 per day of default ( maximum 20000 per return)

1.5% interest per month is applicable from 1-4-2011. My service tax liability was due on 31-3-2011. So, is it possible to pay interest @ 13% per month, as it is the rate prevailing at 31-3-2011.

can you please help me abt service tax

i allready paid the service tax but i didnt returnes that from last financial year

can u please how much is the interest i want to pay

Originally posted by : Pavan Kumar
	can you please help me abt service tax i allready paid the service tax but i didnt returnes that from last financial year can u please how much is the interest i want to pay

As u hav already paid the service tax on time so no interest is applicable.. For late filing of return u hav to pay late fee.. After that  u can file the return..

i agree with u s sharma but maximum penalty is 2000(two thousand only) and not 20000 for late filing of return.

Originally posted by : Rajnikant Vadigoppula
	i agree with u s sharma but maximum penalty is 2000(two thousand only) and not 20000 for late filing of return.

interest rate upto 31.03.11 was 13% p.a

from 01.04.11 onwards it is 18%p.a

Earler late filing penalty it was rs.2000 i.e upto 31.03.11 but from 01.04.11 onwards upto 15days Rs.500/- 15days to 30 days rs.1000/- and above 30days rs.100/- perday subject to maximum rs.20000/-