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April 2016

Rationalisation of Interest Rates :

By Tarun Ghia, Pratik Mehta, Brijesh Cholera Chartered Accountants
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Notification No. 13/2016 –ST & 14/2016

Interest rates on delayed payment of duty/tax across all indirect taxes is proposed to be made uniform at 15%, except in case of service tax collected but not deposited with the Central Government, in which case the rate of interest will be 24% from the date on which the service tax payment became due.

Further, for the amount collected in excess of the tax assessed or determined, rate of interest would be 15% as against 18%.

In case of assessees, whose value of taxable services in the preceding year/years covered by the notice is less than Rs. 60 lakh, the rate of interest on delayed payment of service tax will be 12%.

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