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 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) 

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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

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Davneet Singh

Davneet Singh is a graduate from Indian Institute of Technology, Kanpur. He has been teaching from the past 12 years. He provides courses for Maths and Science at Teachoo.