Service tax

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Querist : Anonymous (Querist)
04 February 2012 WHAT IS INTEREST RATE OF SERVICE TAX RETURN LATE SUBMIT.

04 February 2012 i) 18% simple interest per annum for the number of days delay.
ii) However, if yearly value of taxable service is up to 60 lacs, interest may be calculated @ 15% instead of 18%.
iii) The new rate of interest of 18% / 15% will be applicable from 1st April, 2011.


04 February 2012
upto 15 days -500
15-30 days - 1000
30days+ - 1000+100 per day.......max penalty 20k
the above are penlaty for late filing of returns

for late payment of service tax it is 18% p.a.
a relief of 3 % i.e 15% p.a
is provided to "a service provider, whose 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 issued under sub-section (3) of section 73A or during the last preceding financial year, as the case may be, such rate of interest shall be reduced by three percent per annum.”





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