New rates prescribed for payment of interest under service tax w.e.f. 14.5.2016 the day on which Finance Bill, 2016 received the assessment of the president.
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Collection of any amount as service tax but failing to pay the amount so collected to the credit of the Central Government on or before the date on which such payment becomes due - 24%. |
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2. |
Other than in situations covered above - 15%. (Notification No. 13/2016-ST dt. 1.3.2016) |
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