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Service tax

PRIYANKA (accountant) (77 Points)

01 April 2014

Service Tax Payable on 31.03.2014 but paid on 01.04.2014 what will be the intrest amount & how to be calculate.............. please give me ans very urgent

priyanka

cma student

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vaibhav (student) (253 Points)
Replied 01 April 2014

Service tax interest payable on delay of days. from the payment of due date to actual payment. Due date for Mar'14 was 31.3.14 and actual payment is 1.4.14 than interest will be payable for 1 day @ 18% per annuam. however, interest rate will be 15% if service tax liability not exceeds 60 lacs in a year.

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PRIYANKA (accountant) (77 Points)
Replied 01 April 2014

Can I Liable To Pay service tax liability = 553359 i.e 553359 x 18/100 x 1 / 365 = 273

that is right na........please help me.........

Priyanka

cma student

vaibhav (student) (253 Points)
Replied 01 April 2014

Yes, But difference of days is 2 days. 31 & 1st.

PRIYANKA (accountant) (77 Points)
Replied 01 April 2014

Service Tax Payable on 31.03.2014 but paid on 01.04.2014 what will be the intrest amount & how to be calculate.............. please give me ans very urgent

service tax liability = 553359

please help me now

pratik (CA) (1186 Points)
Replied 01 April 2014

Service tax delay interest payable for one day only ie 553359 x 18/100 x 1 / 365 = 273

Provided u pay tax online by 8 Pm.............

PRIYANKA (accountant) (77 Points)
Replied 01 April 2014

This is right na.......... becoz this service tax related to rnting of immovable property........

my query is pay monthly intrest or not........

ples tell me

pratik (CA) (1186 Points)
Replied 01 April 2014

Refer rule 6(1) of Service Tax Rules, 1994 in following link

https://www.servicetax.gov.in/st-proc-home.htm

PRIYANKA (accountant) (77 Points)
Replied 01 April 2014

I Know 18 % intrest per annum ........ but i calculate service tax on day wise or month wise ? ples help me i need to pay today..... give me perfect figure......... of intrest ........... some person ask me 553359 x 18/100 x 1/12 = 8300

& i calcualte = 553359 x 18/100 x 1/365 = 273

what is right............ ples hurry up