From 01.10.2014 Every assessee shall electronically pay the service tax payable by him, through internet banking.
See attached Notification No. 9/2014- Service Tax dated: 11.07.2014
Very useful, thanks for sharing..
In case of delayed payment of service tax, revised rates of simple interest p.a., w.e.f. 01.10.2014.
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- Notified vide Notification No. 12/2014-ST, dated 11.07.2014 in pursuance of the announcement made by Finance Minister in Budget 2014-15.
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|
Sl. No. |
Period of delay |
Rate of simple interest |
|
1. |
Up to 6 months |
18% |
|
2. |
More than 6 months and up to 1 year
|
18% for the first 6 months of delay, and |
|
3. |
More than 1 year |
18% for the first 6 months of delay |
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Note:
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-> As specified in the proviso to section 75, 3% concession on the applicable rate of interest will continue to be available to the small service providers, i.e. assessee having turnover not exceeding Rs. 60 lakhs during the preceding financial year or during any of the financial years covered by the notice.
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-> It is pertinent to highlight here that the aforesaid time limits have been prescribed on monthly basis whereas interest is required to be computed on per day basis.
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For service tax delayed payment interest calculator w.e.f. 01/10/2014
Thnx for sharing !!
Thanks for sharing this useful update Sanjayji...
Thanks for update Sanjay ji,
I heard about a notification which reduced the threshold limit for epayment from 10 lakhs to 1 lakh. w.e.f january 2014
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.i think it was updated recently again.
But now epayment made mandatory irrespective of amount of payment
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