TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Excess Service Tax Collection Under Section 73B: Pay Interest Ranging 10%-24% Annually; Reduced for Small Providers.</h1> Section 73B of the Finance Act, 1994, mandates that if an excess amount is collected beyond the assessed service tax, the liable party must pay interest on the excess. The interest rate ranges from 10% to 24% per annum, as set by the Central Government. No interest is charged if the excess is paid within 45 days following a Board directive, without appeal rights. For service providers with taxable services under sixty lakh rupees annually, the interest rate is reduced by 3%. Interest applies to adjusted amounts if modified by appeals or court decisions.
TaxTMI 
TaxTMI 
