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Interest on service tax mar 2016

Kiran (M.Com) (112 Points)

05 April 2016

Dear All , Due date for payment for service tax for Mar 16 is 31.03.2016 & i have done the payment on 31st except some invoices for which i am making the payment today , can any1 confirm me that whether interest @ 15 % p.a.will be applicable or not ?

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Manish Aggarwal (Chartered Accountant) (46 Points)
Replied 05 April 2016

Dear Kiran,

Revised Interest rates introduced vide notification No. 13/2016-ST dated 1st March 2016 shall be effective from the date ,the Finance Bill 2016 receives the assent from Hon'ble President of India.

Till then, current interest rates as mentioned therein section 75 of the Finance Act, 1994 shall be applicable. Current Interest rates:

For 1st Six Months- 18% p.a.

For next Six months- 24% p.a.

After one year- 30% p.a.

The above interest shall be calculated for delay on daily basis.

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ashutosh guru (manager - accounts & finanace) (83 Points)
Replied 05 April 2016

Dear Kiran , Please see how much turnover is of your concern if is below 60 lac is applicable as 15% if above as per notification provide by me Manish Ashutosh

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