Kapil Gupta (Student CA Final ) (49 Points)
14 November 2012At which Percentage Interest is to be charged from proprietor if there is service provided in previous year is
1. less than 1500000
2. morethan 1500000
& in this service provided is more than 5crore
ANJALI NEGI
(Chartered Accountant)
(1263 Points)
Replied 14 November 2012
In case there is late payment of service tax to the central govt., the payment should be made along with the interest computed @ 18%(Simple Interest) . this rate has been increased from 13% to 18% wef from 1st April. 2011
Deepak Gupta
(CA Student)
(15922 Points)
Replied 14 November 2012
Delay in payment of service tax liable for interest @ 18% p.a.
( Increased from 13% to 18% vide Notification No.15/2011-ST dated 1st March, 2011 w.e.f. 1st April, 2011.)
.
W.e.f. 8th April, 2011, where the service provider whose value of taxable services provided does not exceed Rs.60 Lacs during any of the financial years covered by the Notice u/s. 73A(3) or during the last preceding financial year, as the case may be, such rate of interest shall be reduced by 3% p.a. [Section 73B].
CAclubindia
