Rate of interest
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 May 2016
What is the rate of interest on service tax payment for proprietorship firm?
02 May 2016
As per budget 2016 ,service tax collected and not paid interest will be 24% P.A.
Interest in case of assessee , whose value of taxable services preceding year covered by notice is less than Rs.60 lakhs rate of interest for delayed payment of SERVICE tax will be 12%
Interest in case of assessee , whose value of taxable services preceding year covered by notice is less than Rs.60 lakhs rate of interest for delayed payment of SERVICE tax will be 12%
02 May 2016
Up to six months 18 percent
More than six months and up to one 24 percent
30 percent for any delay beyond one year.
in the case of a service provider , whose value of taxable services provided in a financial year does not exceed Rs 60 lakhs –
During any of the financial year covered by the notice ;
During the last preceding financial year ,as the case may be, Such rate of interest shall be reduced by 3% p.a. i.e. the aforesaid rate of interest, shall be reduced by 3% p.a and such rate of interest shall be 15% or 21% or 27% respectively.
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Disclaimer - Before making any decisions do consult the experts. We do not take any responsibility for misrepresentation or interpretation of act or rules. Neither we nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on.
More than six months and up to one 24 percent
30 percent for any delay beyond one year.
in the case of a service provider , whose value of taxable services provided in a financial year does not exceed Rs 60 lakhs –
During any of the financial year covered by the notice ;
During the last preceding financial year ,as the case may be, Such rate of interest shall be reduced by 3% p.a. i.e. the aforesaid rate of interest, shall be reduced by 3% p.a and such rate of interest shall be 15% or 21% or 27% respectively.
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Disclaimer - Before making any decisions do consult the experts. We do not take any responsibility for misrepresentation or interpretation of act or rules. Neither we nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on.
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Querist : Anonymous
Querist :
Anonymous
(Querist)
03 May 2016
Thakyou Mr. Abhishek Sir,
Sorry Mr. Addangadi Sir unable to understand what do you want to say.Kindly read your reply and clarify it. As per your reply there is only two rate. One is 24% and other is 12%.... or you miss the some part of answer....:P
Sorry Mr. Addangadi Sir unable to understand what do you want to say.Kindly read your reply and clarify it. As per your reply there is only two rate. One is 24% and other is 12%.... or you miss the some part of answer....:P
03 May 2016
Interest on Delayed Payment of Service Tax u/s 75 (from date of enactment of Fin. Act 2016)
Interest rates on delayed payment of duty/tax across all indirect taxes are being rationalized and made uniform at 15%,except in case of Service Tax collected but not deposited to the CENTRAL GOVERNMENT, the rate of interest will be 24% from the date on which the Service Tax payment became due.
In case of assessees, whose value of taxable services in the preceding year/years covered by the notice is less than Rs. 60 Lakh, the rate of interest on delayed payment of Service Tax will be 12%.
Interest rates on delayed payment of duty/tax across all indirect taxes are being rationalized and made uniform at 15%,except in case of Service Tax collected but not deposited to the CENTRAL GOVERNMENT, the rate of interest will be 24% from the date on which the Service Tax payment became due.
In case of assessees, whose value of taxable services in the preceding year/years covered by the notice is less than Rs. 60 Lakh, the rate of interest on delayed payment of Service Tax will be 12%.
03 May 2016
According to me :
Notification No. 12/2014 dated 11.07.2014
1. Up to 6 months- 18%
2. >6 Month to 1 Year – 24%
3. > 1 Year – 30%
3% concession on the applicable rate of interest will be available to the small service provider.
Notification No. 12/2014 dated 11.07.2014
1. Up to 6 months- 18%
2. >6 Month to 1 Year – 24%
3. > 1 Year – 30%
3% concession on the applicable rate of interest will be available to the small service provider.
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