Interest rate on service tax reverse charge mechanism

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B SRINIVAS

B SRINIVAS (Querist)
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08 September 2016 sir kindly tell what is the rate of interest for service tax reverse charge delay payment

Rajannaidu

Rajannaidu (Expert)
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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