Hi,
Interest on payment delay is 18% p.a. wef 01.04.2011 & in forums I could see 15% p.a. for the firms turnover having less than 60 lacs p.a. Could any one provide Notification details where it mentions about 15% upto 60 lacs turnover.
Notification No.14-2011 01.03.2011 states "In the said notification, for the words “thirteen per cent.”, the words “eighteen per cent.” shall be substituted."
Thanks,
Manjunath.
Service Tax : Interest payable - Notified rate of interest under section 75 - Amendment in Notification No. 26/2004-ST, dated 10-9-2004
NOTIFICATION NO. 14/2011-SERVICE TAX, DATED 1-3-2011
In exercise of the powers conferred by section 75 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 26/2004-Service Tax, dated the 10th September, 2004, published in the Gazette of India, Extraordinary, vide Number G.S.R. 601 (E), dated the 10th September, 2004, namely:-
In the said notification, for the words "thirteen per cent", the words "eighteen per cent" shall be substituted.
2. This notification shall come into force on the 1st day of April, 2011.
so 18 percent is corrrect
Regards
sripal jain
there is nothing related to turnover,so 18 percent is applicable to all
You are correct Mr Manjunath. In case of small service providers whose value of taxable service does not exceed Rs.60 lacs during the last financial year, the rate of interest shall be reduced by 3% per annum. It means only 15% is the rate of interest. Refer proviso to section 75, inserted with effect from 08.04.2011.
oh thnx a lot,i dint check the subsequent provisions,could you please provide the notification no?
| Originally posted by : RENGARAJ R.K | ||
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You are correct Mr Manjunath. In case of small service providers whose value of taxable service does not exceed Rs.60 lacs during the last financial year, the rate of interest shall be reduced by 3% per annum. It means only 15% is the rate of interest. Refer proviso to section 75, inserted with effect from 08.04.2011. |
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Thank you Mr. Rengaraj!!
Kindly let us know that if 6th is sunday and if we pay service tax on 7th, interest of one day will be payable or not payment is made thru net banking
dear sir,
company cover under service tax in the case of GTA (Reverce charges macanism) liablity as on 31.03.2013 but ST-2 issued as on 30.10.13 ,in this case interest liablity create or not.
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