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<h1>India Revises Service Tax Late Payment Interest Rates u/s 75; New Rates Effective October 1, 2014.</h1> The Government of India, through the Ministry of Finance, issued Notification No. 12/2014 regarding the rates of interest for late payment of service tax under Section 75 of the Finance Act, 1994. Effective from October 1, 2014, the rates are set as follows: 18% per annum for delays up to six months, 18% for the first six months and 24% for delays beyond six months up to one year, and 30% for delays exceeding one year. This notification supersedes the previous notification No. 26/2004, except for actions taken before its supersession. It was later superseded by Notification No. 13/2016 effective May 14, 2016.