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:
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.
Another Simple interest rates per annum payable under section 75, to vary on the basis of extent of delay in payment of service tax w.e.f. 1st October, 2014 are as under :
Extent of delay Simple interest rate per annum:
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%
