delayed payment of service tax

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

25 March 2011 what is the rate of interest for the delay in payment of service tax??i have collected in the service tax in the second quarter but it is still not deposited. So, whether interest and penalty both will be attarced for the said delay?? or interest will do??Please reply me urgently....

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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25 March 2011 If you pay the interest before 31/3/2011, interest rate is 13% per annum to be calculated for the number of days delay.
From 1/4/2011 the interest rate is enhanced to 18% as per notification 15/2011 dated 1/3/2011.

Querist : Anonymous

Querist : Anonymous (Querist)

26 March 2011 that means if i deposit service tax for the 3rd quarter in the april month, interest will be calculated @ 18% p.a. for the period 6.1.11 to date of deposit??Please also reply that upto which date we can deposit the service tax amount for the F.Y. 10-11 even with interest??

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