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

 

Q1

What is Due date of Service Tax in following Cases

Service Provided on  Amount Paid on Due Date
20-Jun-16 25-Jun-16 ?
20-Jun-16 25-Jul-16 ?
View Answer

Q2 Suppose Service tax actually deposited on 10 July 2016

What is Interest Rate applicable?

View Answer

Interest Rates Applicable till 13.5.2016

Interest rate depends upon period of delay as per Notification No. 12/2014 ST dated 11.07.2014

Period of delay

Interest rate charged

Upto 6 months

18%

6 months to 1 year

First 6 months 18%

Remaining period  24%

More than 1 year

First 6 months 18%

Next 6 months  24%

Balance period 30%

* There is 3% concession if

value of taxable service provided in previous financial year does not exceed Rs 60 lakh

 

 

Changes have been made by Notification 13/2016 which have superseded Notification 12/2014

 

  1. Tax Practical
  2. Practical Service Tax
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CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
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