Notification No. 12/2014 -
Service Tax, [F. No. 334
/15/2014 -TRU], dated 11th July,
2014
Seeks to notify the interest
rate applicable in cases of delayed payment of service tax for
the purposes of section 75 of
the Finance Act, 1994.
G.S.R.___ (E).- In exercise of the
powers conferred by section 75 of the Finance Act, 1994 (32 of 1994) and in
supersession of the notification No.26/2004-Service Tax, dated 10th September,
2004, published in the Gazette of India, Extraordinary, Part II, Section 3,
Sub-section (i) vide number G.S.R.601 (E),dated the 10th September,2004, except
as respects things done or omitted to be done before such supersession, the Central
Government hereby, for the purpose of the said section, fixes the following
rates of simple interest per annum for delayed payment of service tax , as
given in table below :-
Table
Sl. No.
|
Period of delay
|
Rate of Simple Interest
|
(1)
|
(2)
|
(3)
|
1.
|
Up to six months
|
18 per cent.
|
2.
|
More than six months
and up to one year
|
18 per cent for the first six
months of delay
and 24 per cent for the delay
beyond six months.
|
3.
|
More than one year
|
18 per cent for the first six
months of delay;
24 per cent for the period beyond
six months up to one year and 30 per cent for any delay beyond one year.
|
2. This notification shall come into force on the 1st day of
October, 2014.
.
.
.
.
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