Amended interest rates
This query is : Resolved
23 March 2015
AS PER AMENDED INTEREST RATES IN SERVICE TAX
IF LIABILITY IS TO PAY SERVICE TAX IS ON 31ST MARCH 2013
THEN UP TO 30TH SEPTEMBER 2014 INTEREST WILL BE PAID AT THE RATE OF 18%
NOW SERVICE TAX IS LIKELY TO BE PAID ON 31ST MARCH 2015 SO TOTAL PERIOD OF DELAY IS BEYOND ONE YEAR SO WHETHER INTEREST FROM 1ST OCTOBER IS TO BE PAID AT THE RATE 30% DIRECTLY OR IT WILL BE PAID AT 24% AND 30%
PLEASE ANSWER ME AS EARLY AS POSSIBLE
IT IS TOO URGENT
IF LIABILITY IS TO PAY SERVICE TAX IS ON 31ST MARCH 2013
THEN UP TO 30TH SEPTEMBER 2014 INTEREST WILL BE PAID AT THE RATE OF 18%
NOW SERVICE TAX IS LIKELY TO BE PAID ON 31ST MARCH 2015 SO TOTAL PERIOD OF DELAY IS BEYOND ONE YEAR SO WHETHER INTEREST FROM 1ST OCTOBER IS TO BE PAID AT THE RATE 30% DIRECTLY OR IT WILL BE PAID AT 24% AND 30%
PLEASE ANSWER ME AS EARLY AS POSSIBLE
IT IS TOO URGENT
23 March 2015
Period of delay may be calculated from 1-4-2013 to till date and being more than one year, 30% interest has to be paid as per notification 12/2014 dated 1.10.2014.
23 March 2015
SO UP TO 30TH SEPTEMBER I HAVE TO CALCULATE INTEREST AT THE RATE OF 18% AND AFTERWARDS 30% RIGHT?
23 March 2015
No. To pay @30% for the entire period(ie.from 1-4-2013 to 31-3-2015) since the delay > one year.
10 August 2015
REVISED INTEREST PROVISIONS HAVE COME INTO FORCE FROM 01.10.14 THE CAN'T WE PAY INTEREST @ 18% UPTO 30TH SEPT AND THEN AFTER 30%?
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