Interest rate on service tax reverse charge mechanism
This query is : Resolved
08 September 2016
sir kindly tell what is the rate of interest for service tax reverse charge delay payment
12 September 2016
Service Tax collected but not deposited to the exchequer (Government) - Rate of Interest : 24%
Other Cases - Rate of Interest- : 15%
If in case the value of taxable services of preceding year does not exceeds Rs. 60 Lakhs, then the rate of interest on late payment will be 12%.
Interest on Delayed Payment of service tax is changed by Budget 2016-2017 for the Financial year 2016-17
Other Cases - Rate of Interest- : 15%
If in case the value of taxable services of preceding year does not exceeds Rs. 60 Lakhs, then the rate of interest on late payment will be 12%.
Interest on Delayed Payment of service tax is changed by Budget 2016-2017 for the Financial year 2016-17
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