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TMI BlogInterest on service tax delayX X X X Extracts X X X X X X X X Extracts X X X X ..... Interest on service tax delay X X X X Extracts X X X X X X X X Extracts X X X X ..... h, there is a delay for 4 days. what is the interest rate for this delay ?. is it 15% or 24%. Saravanan. Reply By KASTURI SETHI: The Reply: In Service Tax Sector, reduced rate of interest @ 15% will be effective from the date of enactment.Notification No.13/16-ST dated 1.3.16. Reply By Ganeshan Kalyani: The Reply: Sri Kasturi Sir, I agree with your views. Sir I have gone through the Finance B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ill 2016 as passed by Lok Sabha wherein I found the reduced interest rate and its effective date is given for Customs and Central Excise but I couldn't not found for service tax. I think the existing slab wise rate still exists. Please share your views Sir. Thanks. Reply By KASTURI SETHI: The Reply: Dear Sir, I agree with you. Old rates of interest still exist. New rates of interest will c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome into force from the date of enactment i.e when the President signs the Finance Bill,2016. Till date only Lok Sabha has passed and likely to be passed as it is. Interest rate under Section 75 of the Finance Act, 1994 - Notification No. 12/2014-S.T. superseded In exercise of the powers conferred by section 75 of the Finance Act, 1994 (32 of 1994) and in supersession of the notification No. 12/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2014-Service Tax, dated the 11th July, 2014, published in the Gazette of India, Extraordinary, vide number G.S.R. 482(E), dated the 11th July, 2014, except as respects things done or omitted to be done before such supersession, the Central Government hereby, for delayed payment of any amount as service tax in the situation mentioned in column (2) of the Table below, fixes the rate of simple intere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st per annum mentioned in the corresponding entry in the column (3) of the said Table :- Serial Number Situation Rate of simple interest (1) (2) (3) 1. Collection of any amount as service tax but failing to pay the amount so collected to the credit of the Central Government on or before the date on which such payment becomes due. 24 per cent. 2. Other than in situations covered under se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rial number 1 above.
15 per cent.
2. This notification shall come into force on the day the Finance Bill, 2016 receives the assent of the President.
[Notification No. 13/2016-S.T., dated 1-3-2016] X X X X Extracts X X X X X X X X Extracts X X X X
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