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of <h1>Interest Rate for Late Service Tax Payments Hiked to 18% Effective April 1, 2011, per Section 73B Amendment</h1> The rate of interest for late payment of service tax has been increased from 13% to 18%, effective from April 1, 2011. This change amends the previous notification No. 8/2006-Service Tax, dated April 19, 2006. The amendment is issued by the Central Government under the authority of section 73B of the Finance Act, 1994. The notification was released by the Ministry of Finance's Department of Revenue and will be enforced starting April 1, 2011.
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