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TMI BlogInterest on late payment of service taxX X X X Extracts X X X X X X X X Extracts X X X X ..... For finalization of balance sheet for FY 2015-16, Reverse charge on manpower supply is required to be paid by us for invoice a billed on 19-11-15 amounting to ₹ 11000. Kindly tell me what should be the rate of interest on late payment of service tax which is to be paid after one year. - Reply By MARIAPPAN GOVINDARAJAN - The Reply = For the first six months - 18%; 6 months to one year - 24 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... %; beyond one year - 30% - Reply By KASTURI SETHI - The Reply = First of all determine point of taxation as per Rule 7 of Point Of Taxation Rules, 2011 under RCM. Thereafter, you have to compute interest in terms of Notification No.12/14-ST dated 11.7.14 which remained in force 13.5.16 (Slab wise) Thereafter, interest has to be calculated as per Notification No.13/16-ST dated 1.3.16 (Eff ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ective from 14.5.16, the date of enactment of Finance Bill, 2016 . The department always goes by the Notification which remained in force during the relevant period. (period of delay). - Reply By YAGAY AND SUN - The Reply = Slab wise Interest rate would be applicable as mentioned above. However, such interest would be paid in Cash through online GAR-7 challan. - Reply By KASTURI SETHI - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Reply = Yes. Interest is always paid in cash. - Reply By Ganeshan Kalyani - The Reply = The interest rate prevailed at the time of default period shall become applicable. Thanks. - Reply By Raj Malik - The Reply = In case of reverse charge which rate should be applicable 18% or 24% for calculation of interest in the F yr 2015-16 - Reply By samiuddin ansari - The Reply = The new rate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of interest came into effect from 01st Oct, 2014, by virtue of Notification NO.12/2014-S.T . Moreover, as per proviso to Section 75 , three percent concession on the applicable rate of interest is also available to small service providers.Thanks. - Reply By YAGAY AND SUN - The Reply = We are amenable with your reply. - Interest on late payment of service tax - Query Started By: - Raj Malik ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Dated:- 18-3-2017 Service Tax - Got 8 Replies - Service Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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