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Interest on service tax

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(Querist)
13 February 2013 what is the effect of intrest on service tax in case of a firm??
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Arun Kumar Singh

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Arun Kumar Singh (Expert)
13 February 2013 18% per anum rate of interest if you have to pay service tax delay.
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pravin

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pravin (Expert)
13 February 2013 hi...

18% per year rate of interest in any case, but ternover below 60 lacs than rate of interest is 15% per year in any case...



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Arun Kumar Singh

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Arun Kumar Singh (Expert)
13 February 2013 Dear Pravin,
Give me the notification or circular regarding rate of interest 15%. The rate of interest has been revised to 18% in place of 13% vide amending notification no. 14/2011-S.T. dated 01.03.2011 w.e.f. 01.04.2011.
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nitin sardana

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nitin sardana (Querist)
13 February 2013 sir but actually i want to know the effect of intrest on service tax in balance sheet..
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CA Prashant Gupta

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CA Prashant Gupta (Expert)
13 February 2013 it will be in debit side of P/L if you paid interest on service tax.
in balance sheet your bank balance will be reduced.
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nitin sardana

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nitin sardana (Querist)
13 February 2013 soit would be treated as our expense..

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