Interest Rate of Service Tax in case of Turnover Below 60 Lakhs

[Mehul Pandya]

Sir,

From 01.10.2014 Interest Rate for has been revised as 18%,24% & 30% as per delayed period.

My query is if I have turnover below 60 Lakhs, can I pay Service Tax Interest @ 15%,21% & 27% respectively calculating 3% concession ??

AI Summary

Small Businesses with Turnover Below 60 Lakhs Eligible for 3% Concession on Service Tax Interest Rates A query was raised regarding the applicable interest rate on service tax for businesses with a turnover below 60 lakhs. The revised standard rates from 01.10.2014 are 18%, 24%, and 30%, depending on the delay period. The question was whether a 3% concession could be applied, resulting in rates of 15%, 21%, and 27%. Responses confirmed that small-scale industries (SSI) with turnover below 60 lakhs are eligible for a 3% concession, making the effective rates 15%, 21%, and 27% for each respective slab.