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'Old interest rates apply for failure to pay service tax in Dec 2015'

New notification changes interest prospectively and will not apply to omission to pay service tax before May 14, 2016

TNC Rajagopalan 

We have to pay interest on service tax which was due in December 2015. Supposing we pay now, will the old rate of interest apply or the new rate? Can you also give the basis? Notification 12/2014-ST dated July 11, 2014 had prescribed an interest rate of 18% for a delay of up to six months, 24% for a further delay of six more months and 30% for delay beyond one year. That notification was superseded by the new notification 13/2016-ST dated March 1, 2016, which prescribes the rate of 24% for collection of any amount as service tax but failing to pay the amount so collected to the ...

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'Old interest rates apply for failure to pay service tax in Dec 2015'

New notification changes interest prospectively and will not apply to omission to pay service tax before May 14, 2016

New notification changes interest prospectively and will not apply to omission to pay service tax before May 14, 2016 We have to pay interest on service tax which was due in December 2015. Supposing we pay now, will the old rate of interest apply or the new rate? Can you also give the basis? Notification 12/2014-ST dated July 11, 2014 had prescribed an interest rate of 18% for a delay of up to six months, 24% for a further delay of six more months and 30% for delay beyond one year. That notification was superseded by the new notification 13/2016-ST dated March 1, 2016, which prescribes the rate of 24% for collection of any amount as service tax but failing to pay the amount so collected to the ... image
Business Standard
177 22

'Old interest rates apply for failure to pay service tax in Dec 2015'

New notification changes interest prospectively and will not apply to omission to pay service tax before May 14, 2016

We have to pay interest on service tax which was due in December 2015. Supposing we pay now, will the old rate of interest apply or the new rate? Can you also give the basis? Notification 12/2014-ST dated July 11, 2014 had prescribed an interest rate of 18% for a delay of up to six months, 24% for a further delay of six more months and 30% for delay beyond one year. That notification was superseded by the new notification 13/2016-ST dated March 1, 2016, which prescribes the rate of 24% for collection of any amount as service tax but failing to pay the amount so collected to the ...

image
Business Standard
177 22