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TMI BlogNew rates of interestX X X X Extracts X X X X X X X X Extracts X X X X ..... New rates of interest X X X X Extracts X X X X X X X X Extracts X X X X ..... hings done or omitted to be done before such supersession" Does it have any implication that new rates will apply from the due date of payment of taxes in all cases? unnikrishnan v,cochin Reply By Rajagopalan Ranganathan: The Reply: Sir, My view is that the new interest rate is applicable only in the following situation:- Suppose the Finance Bill receives the assent of President of Indi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a on 1.6.2016. If service tax payable on 5th or 6th of June 2016 is paid belatedly in that case only the revised interest rate will be applicable Reply By Ganeshan Kalyani: The Reply: The applicability of new rate of interest is prospective and applicable from the due date of tax till the payment is made. Thanks. Reply By KASTURI SETHI: The Reply: Sh.Vasudevan Unnikrishnan Ji, I agree with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... both experts, namely, Sh. Rajagopalan Ranganathan and Sh. Ganeshan Kalyani, Sirs. I further add that reduced rate of interest is applicable to "Future Offenders for delay in payment." Just for additional information, it is pertinent to mention that when rate of interest is increased by the Govt., normally the Govt. officers charge the increased rate of interest retrospectively. For exa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mple ; if the rate of interest is increased from 1.3.2016, it is practice that the department charges enhanced rate of interest for the delayed occurred in the past period i.e. November, 15 and December, 15. Thus by the wordings, "except as ------------" no benefit for the offence committed in the past. Reply By vasudevan unnikrishnan: The Reply: Thanks for expert comments. After t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he posting of querry only, I noticed that similar clause was there in the 2014 notification when varied rates 18,24 and 30 was introduced form 1/10/2014. On the same anology, the reduced rates @15/12 etc will be applicable to the tax dues outsanding as on the date of enactment/President's assent to Finance Bill,2016. Thanks again to all. Reply By KASTURI SETHI: The Reply: Sh.Vasudevan Unni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... krishnan Ji, Sir, Thanks for confirmation of the views and enrichment of my knowledge. Reply By Ganeshan Kalyani: The Reply: Sri Kasturi Sir, such confirmation from the querist gives us a acknowledgement that the query has got resolved in complete sense. Otherwise querist do not bother to confirm in most of the cases. Thanks. Reply By vasudevan unnikrishnan: The Reply: Thanks Mr.Ganeshan Ka ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lyani ji, I had clearly concluded the answer to my querry based on inputs from experts and the wordings of earlier notification. Once again thanking all Experts who joined the discussion with valid inputs.Special thanks to Mr Kasthuri Sethiji. Good day. Unnikrishnan. Reply By KASTURI SETHI: The Reply: Sh. Vasudevan Unnikrishnan Ji, Sir, I am indebted to you for your complements. These are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a source of inspiration as well as moral boosting indeed.
Have a nice day.
With regards,
K.L.SETHI X X X X Extracts X X X X X X X X Extracts X X X X
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