Mention the rates of interest payable on delayed payment of service tax under section 75 of the Finance Act, 1994.

As per section 75 of the Finance Act, 1994, every person, liable to pay the tax in accordance with the provisions of section 68 or rules made there-under, who fails to credit the tax or any part thereof to the account of the Central Government within the period prescribed, shall pay simple interest at such rate not below 10% and not exceeding 36% per annum as is for the time being fixed by the Central Government, by Notification in the Official Gazette for the period by which such crediting of the tax or any part thereof is delayed. Provided that in the case of a service provider, whose value of taxable services provided in a financial year does not exceed 60 lakh rupees during any of the financial years covered by the notice or during the last preceding financial year, as the case may be, such rate of interest, shall be reduced by 3% per annum. In exercise of the powers conferred by section 75 of the Finance Act, 1994 and in supersession of the notification No.26/2004-Service Tax, dated 10th September, 2004, except as respects things done or omitted to be done before such supersession, the Central Government, vide Notification No. 12/2014 Service Tax fixed the certain rates of simple interest per annum for delayed payment of service tax, these rates are given in below Table:- Sr. No. Period of delay Rate of simple Interest 1 Upto 6 months 18% 2 More than 6 months and upto 1 year 18% for the first 6 months of delay and 24% for the delay beyond 6 months. 3 More than 1 year 18% for the first 6 months of delay; 24% for the period beyond 6 months up to 1 year; 30% for any delay beyond 1 year