Interest rate applicability

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 April 2012 I have to pay interest on Service tax for the year 2010-11 and 2011-12, what is the rate applicable for both of the year: 13% and 18% or 18% Current rate for both year.

Please provide your valuable reply.

CA Prashant Gupta

CA Prashant Gupta (Expert)
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25 April 2012 13% the current rate for 2010-11 & 15% 2011-12

The rate applicable on date of payment.

CA NIKHIL OZA

CA NIKHIL OZA (Expert)
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25 April 2012 its 13% for 2010-11 n 18% from 2011-12...such % should be reduced by 3% if turnover din execded 60laks..

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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25 April 2012 2010-11 -- 13%
2011-12 -- 15 % if the value of taxable service in the previous year does not exceed Rs.60/- lakhs and in other cases 18%.

CA PRAVEEN SINGH

CA PRAVEEN SINGH (Expert)
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25 April 2012 The current rate of interets is 18% wef 1.4.2011. and in case where the value of taxable services provided in a financial year is not more that Rs. 60 lakh the applicable tax rate will be 15% for the number of days of delay.

Regards..
PRAVEEN

Querist : Anonymous

Querist : Anonymous (Querist)

25 April 2012 Thanks to all experts..