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Section 75 interest service tax (help)
IN CASE OF SMALL SERVICE PROVIDER HAVING TAXABLE VALUE OF UPTO RS. 60000 IN PY..WHAT RATE OF INTEREST IS APPLICABLE IN CURRENT YEAR...WHETHER IT IS FLAT 15% OR WE HAVE TO REDUCE 3% FROM 18% ,24%,30% IF DEFAULT IS FOR MORE THAN ONE YEAR...PLEASE HELP ASAP...THANX
Replies (1)
As specified in the proviso to section 75, 3% concession on the applicable rate of interest will continue to be available to the small service provider.
.
- 15% simple interest upto 30.09.2014.
.
- Variable interest rates will apply on/after 01.10.2014
|
Sl. No. |
Period of delay |
Rate of simple interest |
|
1. |
Up to 6 months |
15% |
|
2. |
More than 6 months and up to 1 year |
15% for the first 6 months of delay, and 21% for the delay beyond 6 months |
|
3. |
More than 1 year |
15% for the first 6 months of delay 21% for the period beyond 6 months up to 1 year, and 27% for any delay beyond 1 year |
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