Seeks to prescribe interest rate under section 75 of the Finance Act, 1994

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%