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Service tax on interest on late payment
In India is there service tax on interest on late payment if the client has not paid for six months
Replies (2)
interest payment to whom?
- Case where Service Tax collected but not deposited to the credit of central government and value of taxable service in preceding year is less than Rs.60 lakh :Service Tax Interest Rates @ 21%
- Case where Service Tax collected but not deposited to the credit of central government and value of taxable service in preceding year is more than Rs.60 lakh : Service Tax Interest Rates @ 24%
- Other casewhere value of taxable service in preceding year is less than Rs.60 Lakh 12%
All the above is effected from 14.05.2016
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