Interest on delay in payment of service tax

This query is : Resolved 

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.

thanx

23 July 2010 Penalty is specified in section 76.
Interest as per section 75 read with Notification No. 26/2004-ST, dt. 10/9/2004]



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