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Interest on late deposit of service tax

Posted @ July 20, 2014, 9:45 pm under (Service Tax Updates)

Simple interest rate enhanced, where there is short payment or delay in payment of service tax, vide notification no. 12/2014-ST, dated 11th July, 2014
 
As per section 75, interest on delayed payment of service tax would be as follows:
 
  • Turnover below Rs. 60lacs in F.Y/preceding F.Y.–15% p.a
  • Turnover above Rs. 60lacs in F.Y/preceding F.Y. – 18% p.a.
 
From 1st October, 2014, Simple interest rates per annum payable under section 75, to vary on the basis of extent of delay in payment of service tax:
 
 
Extent of delay Simple interest rate per annum:
 
 

Up to six months                                                18%

 

From six months and up to one year                  24%

 

More than one year                                           30%

 

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