Service tax interest

18% or 15% (as the case may be) simple interest upto 30.09.2014.
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Variable interest rates will apply on/after 01.10.2014.
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Illustration:
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Assume a case where service tax became due, say, on the 06.07.2012 and the assessee pays the dues on 06.12.2014. In such a case, the interest to be charged would be as below:
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(i) 18% simple interest upto 30.09.2014.
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(ii) For the period from 01.10.2014 to 06.12.2014, the rate of interest will be 30% since the period of delay is beyond one year.
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[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 providers.]
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- Letter D.O.F. No. 334/15/2014-TRU, dated 10.07.2014 (Refer Page No. 6): Click Here

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