Interest on late payment of service tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 August 2013
Under which section it is prescribed that Interest on Late payment of Service tax is 15% p.a.,if turnover is below 1 crore?
23 August 2013
It is not 1 crore.
The new rate of interest of 18% will be applicable from 1st April, 2011.However interest rate is reduced by 3 % for turnover up to 60 Lacs
“Provided that in the case of a service provider, whose value of taxable services provided in a financial year does not exceed sixty lakh rupees during any of the financial years covered by the notice issued under sub-section (3) of section 73A or during the last preceding financial year, as the case may be, such rate of interest shall be reduced by three percent per annum.”
The new rate of interest of 18% will be applicable from 1st April, 2011.However interest rate is reduced by 3 % for turnover up to 60 Lacs
“Provided that in the case of a service provider, whose value of taxable services provided in a financial year does not exceed sixty lakh rupees during any of the financial years covered by the notice issued under sub-section (3) of section 73A or during the last preceding financial year, as the case may be, such rate of interest shall be reduced by three percent per annum.”
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Querist : Anonymous
Querist :
Anonymous
(Querist)
24 August 2013
Thank you sir for solving my querry..
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