Interest penalty under service tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 March 2013 Can some one describe me the provisions regarding consequenses if someone is not paying interest on delay payment of service tax and also the method of calculation if he wants to pay in the near future.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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23 August 2013 Interest rate on delay payment of service tax is 15% p a when the your turnover is less than Rs.60 lakhs and 18% p a if your turnover is more than Rs.60 lakhs. interest can be calculated as day dasis