About interest rate
This query is : Resolved
02 April 2015
I HAVE TO PAY SERVICE TAX OF MARCH 2015 . SO WHAT WILL BE INTEREST RATE .
ONE PERSONS TOLD ME
TILL 6 MONTH INTEREST RATE 18%
AFTER 6 MONTH 24%
THEN 30%
IS IT CORRECT ,,, PLEASE HELP ME TO KNOW ...
IF MY SERVICE TAX AMOUTN IS 100 THEN WHAT WILL BE INTEREST
ONE PERSONS TOLD ME
TILL 6 MONTH INTEREST RATE 18%
AFTER 6 MONTH 24%
THEN 30%
IS IT CORRECT ,,, PLEASE HELP ME TO KNOW ...
IF MY SERVICE TAX AMOUTN IS 100 THEN WHAT WILL BE INTEREST
CA AnKiT BoHrA (AB)
(Expert)
02 April 2015
yes your itnerest rate is right dear
02 April 2015
TELL ME IF MY SERVICE TAX AMOUNT IS 2560 THEN WHAT WILL BE INTEREST
CA AnKiT BoHrA (AB)
(Expert)
02 April 2015
https://www.simpletaxindia.in/2014/12/interest-penalty-calculator-for-service.html
download the said calculator for ths purpose... as u wil need details for this like due date,payment date...
download the said calculator for ths purpose... as u wil need details for this like due date,payment date...
02 April 2015
Vide Notification No 12/2014-ST dated 11.7.2014, rate of interest to be charged on delayed payment of service tax has been enhanced w.e.f. 1.10.2014, based on period of delay. Thus, longer the delay period , higher would be the rate of interest payable.
# Up to six months - 18% p.a.
# Beyond six months to one year - 18% p.a. for the first six months of delay; 24% p.a. for delay beyond six months.
# Beyond one year - 18% p.a. for the first six months of delay; 24% p.a. for period beyond six months up to one year; 30% p.a. for any delay beyond one year.
If turnover during preceding FY did no exceed Rs 60 Lacs then there will be a concession of 3% and interest rate will be reduced from 18% p.a. to 15% p.a.
# Up to six months - 18% p.a.
# Beyond six months to one year - 18% p.a. for the first six months of delay; 24% p.a. for delay beyond six months.
# Beyond one year - 18% p.a. for the first six months of delay; 24% p.a. for period beyond six months up to one year; 30% p.a. for any delay beyond one year.
If turnover during preceding FY did no exceed Rs 60 Lacs then there will be a concession of 3% and interest rate will be reduced from 18% p.a. to 15% p.a.
02 April 2015
Remember you need to calculate interest on days basis for delay period which is from the due date of payment till the date of actual payment. Please check out the "Service Tax Late Payment Interest Calculator wef 01/10/2014" from link given below:
https://www.caclubindia.com/share_files/service-tax-late-payment-interest-calculator-wef-01-10-2014-64447.asp#.VLPlniuUfUs
https://www.caclubindia.com/share_files/service-tax-late-payment-interest-calculator-wef-01-10-2014-64447.asp#.VLPlniuUfUs
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