i want to know the calculation of Interest on late payment of service tax for Fy 2014-15 i have Taxable T/O from May- Sep 2014 on which ST 30000/- not paid till date. we want pay on 06/11/2014 I know that Interest Rates W.E.F 1/10/2014 are up to Six months 18% From 6 months upto 1 year 24% my query is i have to calculate interest month wise like apl, may, jun etc OR i have to calculate half yearly i,e 6 months at time
19 January 2015
interest is calculated by no of days of delay , service tax payable * 18% * no of days of delay /365 , for 1st six months of delay , for further six months delay , service tax payable *24% * no of days of delay /365 and so on
CAclubindia
