Section 75 - Interest on Delayed Payment of Service Tax - Chapter V of Finance Act, 1994
Extract
..... 75. 1[Interest on delayed payment of service tax] Every person, liable to pay the tax in accordance with the provisions of section 68 or rules made thereunder, who fails to credit the tax or any part thereof to the account of the Central Government within the period prescribed, shall pay simple interest 2[ 3[at such rate not below ten percent. and not exceeding thirty-six per cent. per annum, as is for the time being fixed by the Central Government, by notification in the Official Gazette] for t .....
..... one half per cent for every month or part of the month" by the Finance Act, 2001, w.e.f. 16-7-2001. 3. Substituted for "at the rate of fifteen per cent per annum" by the Finance (No. 2) Act, 2004, w.e.f. 10-9-2004. Earlier, it was amended by the Finance Act, 2002, w.e.f. 16-8-2002. 4. Inserted vide Finance Act, 2011 w.e.f. 8-4-2011 5. Substituted vide THE FINANCE ACT, 2016 w.e.f. May 14, 2016, before it was read as, ‘‘Provided that’’ 6. Inserted vide THE FI .....