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Interest rates on late deposit of service tax have changed from May 14 2016
Interest rates on late deposit of service tax have changed from May 14 2016
The interest to be charged on service tax collected but not deposited has been revised from May 14 2016. The new rates are: In case of assessees, with taxable services of more than 60lac who have collected service tax but not deposited is 24%pa and in other cases is 15%. In case of assessees having taxable services less then 60lac, who have collected the service tax but not deposited is 21% and in other cases is 12%1.
