Interest @ 24% on Delayed payment of Collected Service tax

By | February 29, 2016
(Last Updated On: February 29, 2016)

Notification No 13/2016-Service Tax dt. 01-03-2016

  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 -Rate of simple interest- 24%
  2. Other than in situations covered under serial number 1 above. : Rate of simple interest- 15%

This notification shall come into force on the day the Finance Bill, 2016 receives the assent of the President.

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