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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