Interest rate for late payment under service tax increased, raising statutory interest rate for defaults effective April. The Government, exercising statutory amendment power under the Finance Act provision, amends Notification No.8/2006-Service Tax by substituting the previously specified rate of interest for late payment with a higher rate; the substitution is effected by replacing the earlier wording with the new wording in the principal notification and the amendment is effective from the first day of April of the stated year.