Calculation of interest on service tax

This query is : Resolved

Yogesh Kumar (Querist)
Follow

22 February 2013 I want to calculate interest on service tax

My service tax is pending since july 2010

Pending details upto 31.03.2011 1,50,000/-

upto 31.03.2012 4,00,000

upto 31.03.2012 5,50,000/-

because interest rate is changed from 01/04/2011, it increased to 15% (for the assesses income not exceeding 60 laks) from 13%

So, i am not clear for the calculation of service tax whether it is liable to pay 13% or 15% or partially
and we are paying this service tax feb end

please clarify calculation as such case...
please help

Please also clear concept of interest on service tax...........

Vishakha Kejriwal.

Vishakha Kejriwal. (Expert)
Follow

24 February 2013 Interest is chargeable for delayed payment of service tax u/s 75 of the Finance Act. For the period upto 31.3.2011 interest would be charged @13% on the amount pending until that date and thereafter @15%. The interest would be calculated with reference to the delay in number of days from the date when the service tax was due to the date of payment.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now