rahul (student) (90 Points)
29 June 2016sec 75 of the service tax act
i want know interest rate applicable for late payment of service tax of the month june 15,the rate applicable would be old rate(interest rate) till 14/05/2016(date of applicability of finance act and new interest rate would be applicable from the date finance act 16 became applicable ?
please clarify i m correct
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(5247 Points)
Replied 29 June 2016
Financial Year 2016-17
| Conditions | Rate of Interest |
| Service Tax collected but not deposited to the exchequer (Government) | 24% |
| Other Cases | 15% |
If in case the value of taxable services of preceding year does not exceeds Rs. 60 Lakhs, then the rate of interest on late payment will be 12%.
The above changes will come into effect from 14th May 2016 i.e. the day the Finance Bill, 2016 receives the assent of the President.
rahul
(student)
(90 Points)
Replied 29 June 2016
its mean we will apply old rate for the period june 15 to 13/05/2016 and after new rate of 15%
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