Interest Rate of Service Tax in case of Turnover Below 60 Lakhs, Service Tax

[Mehul Pandya]

Sir,

From 01.10.2014 Interest Rate for has been revised as 18%,24% & 30% as per delayed period.

My query is if I have turnover below 60 Lakhs, can I pay Service Tax Interest @ 15%,21% & 27% respectively calculating 3% concession ??

Posts / Replies

[CS SANJAY MALHOTRA]

Concessional Rate of Interest @3% on Service Tax Liability is available to SSI unit if Turnover is below ₹ 60 Lacs. The said benefit is available in each slab or else the purpose of concessions stands defeated.

[YAGAY AND SUN]

Dear Mehul,

It's gonna be 15% after taking in to the account of concession 3% otherwise it would be 18% for the service providers whose turnover is more than of ₹ 60 Lakhs.

Regards,

YAGAY & SUN

(Management, Business & Indirect Tax Consultants)