Hello,
How much is service tax interest rate of property value below 60 lac, I heard Below 60 Lac is 15% and Above 60 lac is 18 %. Kindly confirm
Also what is difference between service tax interest and Penalty.
Thanks
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Service tax interest rate below 60 lac poperty agreement.
Replies (1)
SEC 75 : INTEREST ON DELAY PAYMENT
The delayed payment of Service Tax attracts simple interest at the rate specified under Sec. 75
of the Finance Act, 1994. The interest rate in force at present is18% per annum.
Interest is payable for the period from the first day after the due date till the date of payment of such defaulted Service Tax amount or any part thereof.
In case of a service provider, whose value of taxable service provided in a financial
year does not exceed Rs. 60 lakh during any of the financial years covered by the
notice or during the preceding financial year, as the case may be, such rate of
interest shall be reduced by 3% per annum.
Hence, a concessional rate of interest of 15% per annum is available to the tax
payers whose turnover during any of the years covered in the notice or the
preceding financial year is below Rs 60 lakh
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