Need A Financial Product Forums Tax Savings What is the interest rate applicable on delayed payment of the Service Tax?

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    Nayan More
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    What is the interest rate applicable on delayed payment of the Service Tax?

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    Each individual who is liable to pay the service tax in accordance with the provisions of Section 68 of the Act or the rules made there, who if fails to do payment of tax or any part thereof to the account of the Central Government within the period which is prescribed shall be liable to pay simple interest at 18% per annum. The interest is payable for the period from the first day after the due date till the date of payment of any defaulted service tax amount (As per the Section 75, Finance Act, 1994).

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