The Ministry of Finance has notified vide notification no. 12/2014 dated 11th July 2014 the rates of interest payable on delayed payment of service tax to the government. Accordingly,
1. Delay Up to six months
18 per cent. per annum
2. Delay More than six months and upto one year
18 % for the first 6 months of delay and 24 % for the delay beyond six months and up to one year
3. Delay More than one year
18 per cent. for the first six months of delay; 24 per cent. for the period beyond six months up to one year and 30 per cent. for any delay beyond one year.
1. Delay Up to six months
18 per cent. per annum
2. Delay More than six months and upto one year
18 % for the first 6 months of delay and 24 % for the delay beyond six months and up to one year
3. Delay More than one year
18 per cent. for the first six months of delay; 24 per cent. for the period beyond six months up to one year and 30 per cent. for any delay beyond one year.
This revised penal interest will be applicable from 1st October, 2014.
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