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of <h1>India Sets New Interest Rates for Delayed Service Tax Payments u/s 75 of Finance Act 1994.</h1> The Government of India, through the Ministry of Finance, issued Notification No. 13/2016-Service Tax on March 1, 2016, under section 75 of the Finance Act, 1994. This notification supersedes the previous Notification No. 12/2014, setting new interest rates for delayed service tax payments. A 24% annual simple interest rate applies when collected service tax is not paid to the Central Government by the due date, while a 15% rate applies in other situations. This notification became effective upon the Finance Bill, 2016 receiving presidential assent on May 14, 2016.
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