Quarterly Payment of Service Tax
Earlier Quarterly Payement of Service tax waas available only for Individual and Partnership
Now it is available to
- Individual
- Partnership
- HUF
- One Person Company (OPC) whose taxable turnover from all premises is upto 50 lacs
(Note:- 50 lac limit is only for OPC,Not for Individual,Partnerhip,HUF)
Interest on Late Payment of Service Tax
New Interest Rates Applicable from 14.5.2016
|
Case |
Rate of Interest |
|
Service Tax collected from customer but not deposited to Government |
24%* |
|
Other Cases (Amount not yet paid by Customer) |
15%* |
* There is 3% concession if
value of taxable service provided in previous financial year does not exceed Rs 60 lakh
