Interest on excess tax collection: liability to pay prescribed interest unless timely voluntary payment waives it. Where an amount has been collected in excess of tax for a taxable service, the person liable under section 73A(4) must pay interest at a Central Government-fixed rate within a prescribed band from the month after the amount ought to have been paid until payment. An exception waives interest if liability follows a Board direction under section 37B and the amount is voluntarily paid in full within a specified period without reserving appeal rights; otherwise interest applies on the whole amount. A reduced interest rate is provided for eligible small service providers, and interest is adjusted to reflect any appellate increase or reduction in the determined amount.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest on excess tax collection: liability to pay prescribed interest unless timely voluntary payment waives it.
Where an amount has been collected in excess of tax for a taxable service, the person liable under section 73A(4) must pay interest at a Central Government-fixed rate within a prescribed band from the month after the amount ought to have been paid until payment. An exception waives interest if liability follows a Board direction under section 37B and the amount is voluntarily paid in full within a specified period without reserving appeal rights; otherwise interest applies on the whole amount. A reduced interest rate is provided for eligible small service providers, and interest is adjusted to reflect any appellate increase or reduction in the determined amount.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI OCR ✕
of 
TaxTMI 
TaxTMI 
