Sir,
What is current rate of interest for payment
of service tax late payment ? Already
collected in the bill. But missed in service tax
payable statement. How to calculate.
Please reply.
with regards
mala
2 Replies
Vinayak Hegde
(CA)
(154 Points)
Replied 25 August 2016
Interest rates are as follows:
1. Service tax not collected and not deposited - 15%
2. Service tax collected but not deposited - 24%.
(If Turnover does not exceed Rs.60lakhs, rates will be come down by 3% i.e. 12% for (1) and 21% for (2).
In your case as tax is already collected, rate of interest will be 24%.
RK Aggarwal
(CEO)
(22 Points)
Replied 14 March 2017
Pl. tell what will be interest for service tax collected but not yet deposited for period Oct-Dec-2016 (total turnover less than 60 Lacs). Rate of Service tax and also confirm whether rebate will be there or not. Thanks.
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