Interest Rates

Find the attachment..

Hope Both of u r not aware about the recent budget

from 1-04-11 interest rate is 18% know

yes you are right ajay interest on late deposit of service tax has increased...

Originally posted by : Ajay s
	Hope Both of u r not aware about the recent budget from 1-04-11 interest rate is 18% know

I m aware of it..But as the liablity is for the period prior to budget then i think interest at the rate of 13 % will apply..

Interest needs to be paid at the rate existing at the time of payment. The words used under sec 11AB is interest at such rate as is "for the time being" fixed by the central government by notification. Whcih meas at present prevailing rates.

Regards

Dayananda

Originally posted by : DAYANANDA K N
	Interest needs to be paid at the rate existing at the time of payment. The words used under sec 11AB is interest at such rate as is "for the time being" fixed by the central government by notification. Whcih meas at present prevailing rates. Regards Dayananda

Which Section 11 B? R u talking about section 11B [ Claim for refund of duty and interest, if any, paid on such duty ] of central excise act, 1994.???

Section 11AB of Central excise Act. Interest on non payment or non levy of duty etc.

Regards

Dayananda

ok i agreed with dayananda , but can u solve my problem

Dear Mr. Ajay Y,

Pleas use the following formulla in excel sheet for Calculation of Interest for 174 days (from 15.10.2010 to 07.04.2011) @ 18% p.a.

=ROUND((A1*18%)*(174/365),0)

Note : A1 is the address of the row in which you have put the figure (i.e. 25,000/-) and interest will come Rs. 2,145/-.

I hope it will helpful for you.

Regards,

Vikash Kharvar

Sry Vikash up to 31.03.11 Interest rate is 13% only and from 1.04.11 its 18% then how its possible??

Pinki was right service tax payable amount must be of March than the interest rate will be applicable 13 % not 18 %....

Mr.Ajay

According me since you have dishcarged tax on 7th Apr 2011 which is falls after amendment has taken place you need to pay interest at 18%.

Interest is payable at prevailing rates at the time of discharge of tax

Regards

Dayananda

In current Budget announced if turnover is below 60 Lac Than assess have to pay interest 15 & on late remit of service tax.