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Increase in Interest on Late Payment of Service Tax

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cbecIncrease in Interest on Late Payment of Service Tax

The interest rate on late payment of service tax to be levied on a simple interest basis would now vary depending on the extent of delay in payment of service tax. These new interest rates for late payment of service tax introduced in Budget 2014 would come into effect from 1st October 2014 and are as follows:-

Extent of DelaySimple Interest p.a. on Late Payment of Service Tax
Upto 6 months18%
From 6 months upto 1 year24%
More than 1 year30%