Rate of interest as per notification no. 13 dt. 01.03.2016

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Manish (Querist)
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31 March 2016 Dear Experts,

As per Notification No. 13 dt. 01.03.2016, rate of Interest payable is 24% in case of Service Tax Collected but not paid within time. My question is, are this 24% also applicable on Service Tax payable under Reverse Charge as in this case, Service Tax not collected from anyone.

Secondly, assessee is a Transporter and as per Point of Taxation Rules, Service tax would be paid by them on issue of Consignment Notes (not on Collection of Service Tax). What is the Rate of Interest for late payment of Service Tax as per this Notification No. 13 dt. 01.03.2016.

CA Darshan

CA Darshan (Expert)
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31 March 2016 Interest rate under Reverse Charge Mechanism (RCM) is same as in other case i.e. 24% as per notification.
Point of Taxation in Case of GTA will be on issue of Contract notes or Payment whichever is earlier.