Notification no 14/2011-st

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Pritesh Vithlani

Article

47 Points Posted on 14 December 2011

Dear All,

In notification no 14/2011-ST, it is mentioned that interest rate on late payment of ST is 18% and 15% for Small assessees having turnover of taxable services less than Rs 60 lacs in preceding Financial year.

Query:

1. During the current financial Year registration no. is obtained, then what is the rate of interest?

2. In the preceding financial year, turnover of taxable services is less than Rs 60 lacs and during the current financial year it is more than Rs 60 lacs, then what is the rate of interest?

3. In the preceding financial year, turnover of taxable services is more than Rs 60 lacs and during the current financial year it is less than Rs 60 lacs, then what is the rate of interest?

Replies (3)

U S Sharma

glidor@gmail.com

21670 Points Posted on 14 December 2011

60 lacs criteria for reduction of service tax interest is nowhere mentioned but audit is mentioned.

so the benefit of 3% reduction of interest is available to individual / huf only who has gross turnover below 60 lacs in previous year ( may be in relation to service tax or not) and were not audited.

balance all entities have to pay interest @ 18%

U S Sharma

glidor@gmail.com

21670 Points Posted on 14 December 2011

60 lacs criteria for reduction of service tax interest is nowhere mentioned but audit is mentioned.

balance all entities have to pay interest @ 18%

Padmanabh Pathak

22 Points Posted on 30 March 2023

In the said notification 14/2011-st it is not mentioned anywhere that the small assesses having turnover less than 60 lacs are required to pay interest @ 15%

Form where we can prove to the Government Official ?

Please clarify