INTEREST Interest & Penalties Notification No.12/2014-ST w.e.f.1st Audit October,2014 Change in Rate of Interest Adjudication proceedings As per Section 75 of the Finance Act, 1994, simple interest at the prescribed rate is Appellate Proceedings required to be paid in case of in payment of service tax. SERVICE TAX Following rates are prescribed for payment of interest By CA RAJIV LUTHIA Period Rate of of Interest Delay Upto 6 18% INTENSIVE STUDY months COURSE ON SERVICE TAX More 18% for than 6 delay months upto Organised by upto 1 first 6 year months & 24% NASHIK BRANCH OF for delay WIRC OF ICAI beyond 6 months More 18% for than 1 delay year upto first 6 months, 24% for delay beyond 6 months upto 1 year & 30% for any delay
Interest & Penalties Audit Adjudication proceedings Appellate Proceedings SERVICE TAX By CA RAJIV LUTHIA INTENSIVE STUDY COURSE ON SERVICE TAX Organised by NASHIK BRANCH OF WIRC OF ICAI INTEREST Notification No.12/2014-ST w.e.f.1st October,2014 Change in Rate of Interest As per Section 75 of the Finance Act, 1994, simple interest at the prescribed rate is required to be paid in case of in payment of service tax. Following rates are prescribed for payment of interest Period of Delay Rate of Interest Upto 6 months 18% More than 6 months upto 1 year 18% for delay upto first 6 months & 24% for delay beyond 6 months More than 1 year 18% for delay upto first 6 months, 24% for delay beyond 6 months upto 1 year & 30% for any delay
Nasik-Penalty-Audit-Adjudication-and-Appeal-15-11-2014.docx