At which Percentage Interest is to be charged from proprietor if there is service provided in previous year is
1. less than 1500000
2. morethan 1500000
& in this service provided is more than 5crore
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Interest on late payment of service tax
Replies (3)
18% p.a.
In case there is late payment of service tax to the central govt., the payment should be made along with the interest computed @ 18%(Simple Interest) . this rate has been increased from 13% to 18% wef from 1st April. 2011
Delay in payment of service tax liable for interest @ 18% p.a.
( Increased from 13% to 18% vide Notification No.15/2011-ST dated 1st March, 2011 w.e.f. 1st April, 2011.)
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W.e.f. 8th April, 2011, where the service provider whose value of taxable services provided does not exceed Rs.60 Lacs during any of the financial years covered by the Notice u/s. 73A(3) or during the last preceding financial year, as the case may be, such rate of interest shall be reduced by 3% p.a. [Section 73B].
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