Service Tax Update Union Budget 2014-15

Service Tax Update Union Budget 2014-15

Please take care in depositing of Service Tax amount to central Govt.
As per proposed budget
Intt. Rate on delay deposit will be very high,  it is not a welcome step by Central Government
If delay upto 6 months
Rate of intt. Will be 18% ( SSP 15%)
if delay more than 6 months to 1 year
Rate of intt. Will be 24% (SSP 21%)
If delay more than 1 year
Rate of intt. Will be 30% ( SSP 27%) annual simple intt.
SSP=assessee who taxable services less than 60 lacs in a FY.
Rate of intt. Given by govt. on refund 6% pa simple intt.
Srrvice tax on ACCURAL BASIS, Original not receive but pay service tax from own pocket
now we understand position of service provider.