Interest on st
This query is : Resolved
05 September 2011
please clarify,
service tax related to F.Y. 2010-11 i.e. up 31/03/2011 is paid on 05/08/2011 what will be the rate of interest please give example if possible
service tax related to F.Y. 2010-11 i.e. up 31/03/2011 is paid on 05/08/2011 what will be the rate of interest please give example if possible
05 September 2011
simple interest @18% per annum.
Interest is payable for the period from the first day after the due date till the date of payment of any defaulted service Tax amount. [Refer to Section 75]
“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.”
That is 15% =(18%-3%)
Interest is payable for the period from the first day after the due date till the date of payment of any defaulted service Tax amount. [Refer to Section 75]
“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.”
That is 15% =(18%-3%)
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