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of <h1>Pay Service Tax Late? Interest Rates Range from 10-36% Annually Under Section 68, with Reductions for Small Providers.</h1> Every person required to pay service tax under Section 68 of the Finance Act, 1994, must pay simple interest on delayed payments to the Central Government. The interest rate, set by the government, ranges between 10% and 36% per annum. If a person collects service tax but fails to remit it by the due date, the government may specify a different interest rate. For service providers with taxable services not exceeding sixty lakh rupees annually, the interest rate is reduced by 3% per annum.
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