Roi
This query is : Resolved
05 November 2011
what is rate of interest for late payment of service tax?
05 November 2011
Generally it is 18% per annum to be calculated for the number of days delay.
For those with a turnover up to Rs 60 lakh per annum, the applicable interest will be three per cent lower, ie.,at 15 per cent.
For those with a turnover up to Rs 60 lakh per annum, the applicable interest will be three per cent lower, ie.,at 15 per cent.
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05 November 2011
As per NN 15 dated 01.03.11 rate of interest is 18% pa. However it will be ruduce by 3% if the value of taxable services provided in a
financial year does not exceed sixty lakh rupees during any of the financial years covered by the notice or during the last preceding financial year, as the case may be.
financial year does not exceed sixty lakh rupees during any of the financial years covered by the notice or during the last preceding financial year, as the case may be.
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