Interest rate of service tax late payment

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Sir,

What is current rate of interest for payment

of service tax late payment ? Already

collected in the bill. But missed in service tax

payable statement. How to calculate.

Please reply.

with regards

mala

 

 

Replies (2)

Interest rates are as follows:

1. Service tax not collected and not deposited - 15%

2. Service tax collected but not deposited - 24%.

(If Turnover does not exceed Rs.60lakhs, rates will be come down by 3% i.e. 12% for (1) and 21% for (2).

 

In your case as tax is already collected, rate of interest will be 24%.

Pl. tell what will be interest for service tax collected but not yet deposited for period Oct-Dec-2016 (total turnover less than 60 Lacs). Rate of Service tax and also confirm whether rebate will be there or not. Thanks.


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