Budget 2016-17 – Interest rate rationalized –
Interest rate on delayed payment on duty / tax across all indirect are been rationalized and made uniform at 15% except in case of service tax collected but not deposited to the exchequer in which case the rate of interest will be 24% from the date on which service tax is due
In case of assesses whose value of taxable service in the preceding year / years is less than 60 lakh, the rate of interest on delayed payment will be 12%.
Click on the link http://www.cbec.gov.in/resources//htdocs-servicetax/st-notifications/st-notifications-2016/st13-2016.pdf
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