23 July 2010
Dear Friends, i have got an information regarding panelty for delay in payment of service tax @ 2% p.m. on the amount of service tax. as per this information, effactive rate of inerest & panelty on delay in payment of service tax comes out to 37% p.a. (13% interest + 24% panelty as told above). But i could not find any notification/ circular or any legal provision in this ragard. Pls. tell me about the same provision.
CAclubindia
