Interest-charged on delayed payment of Service Tax?
How much interest is charged on delayed payment of Service Tax?
Service tax should be paid within the prescribed time to get free from penalty and other compliance procedures. If a person fails to pay/deposit service tax to the account of the central government shall pay simple interest at such rate not below 10 % and not more than 36 % P.A
In case of a service provider having taxable services not exceeding Rs 60 lakhs , the rate of interest shall be reduced by 3 % P.A