Seeks to notify the interest rate applicable in cases of delayed payment of service tax for the purposes of section 75 of the Finance Act, 1994.
July, 23rd 2014
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II,
SECTION 3, SUB-SECTION (i)]
Government of India
Ministry of Finance
(Department of Revenue)
New Delhi, the 11th July, 2014
No. 12/2014 - Service Tax
G.S.R.___ (E).- In exercise of the powers conferred by section 75 of the Finance Act,
1994 (32 of 1994) and in supersession of the notification No.26/2004-Service Tax, dated 10th
September, 2004, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section
(i) vide number G.S.R.601 (E),dated the 10th September,2004, except as respects things done or
omitted to be done before such supersession, the Central Government hereby, for the purpose of
the said section, fixes the following rates of simple interest per annum for delayed payment of
service tax , as given in table below :-
Sl.No. Period of delay Rate of simple interest
(1) (2) (3)
1. Up to six months 18 per cent.
2. More than six months 18 per cent. for the first six months of delay and 24 per cent.
and up to one year for the delay beyond six months.
3. More than one year 18 per cent. for the first six months of delay; 24 per cent. for
the period beyond six months up to one year and 30 per cent.
for any delay beyond one year.
2. This notification shall come into force on the 1st day of October, 2014.
[F. No. 334 /15/2014 -TRU]
Under Secretary to the Government of India