Sir,
What is current rate of interest for payment
of service tax late payment ? Already
collected in the bill. But missed in service tax
payable statement. How to calculate.
Please reply.
with regards
mala
vyjayanthimala (Accounts) (245 Points)
25 August 2016Sir,
What is current rate of interest for payment
of service tax late payment ? Already
collected in the bill. But missed in service tax
payable statement. How to calculate.
Please reply.
with regards
mala
Vinayak Hegde
(CA)
(154 Points)
Replied 25 August 2016
Interest rates are as follows:
1. Service tax not collected and not deposited - 15%
2. Service tax collected but not deposited - 24%.
(If Turnover does not exceed Rs.60lakhs, rates will be come down by 3% i.e. 12% for (1) and 21% for (2).
In your case as tax is already collected, rate of interest will be 24%.
RK Aggarwal
(CEO)
(22 Points)
Replied 14 March 2017
Pl. tell what will be interest for service tax collected but not yet deposited for period Oct-Dec-2016 (total turnover less than 60 Lacs). Rate of Service tax and also confirm whether rebate will be there or not. Thanks.
CAclubindia
