Delayed payment

This query is : Resolved

Shivam Dwivedi (Querist)
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03 September 2011 Dear Members,
My company came into existence last year February. We raised a bill of Rs.325000 last year and payment for the same was received this year. Up till May this year turnover rose to Rs.1300000 inclusive of the amount Rs.325000 as the payment was received this year. (Is 325000 taxable this year or i can avail exemption as in it was raised last year???)

The company was soon registered under the service tax act. But the due date for depositing tax was 5th June which we skipped. Now we received another 400000 in August. The due date for which is 5th Sept. Please help me out in calculations along with interest(@18% or 15%) and any way If i can reduce it or save myself from interest.

Shivam Dwivedi

Shivam Dwivedi (Querist)
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03 September 2011 Company came into existence on Feb '11, its unclear from above.

U S Sharma

U S Sharma (Expert)
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10 September 2011 3.25 was the turnover of last year and exempted (provided you did not availed any input credit or input services or excise input)

Now calculate your liablity and pay taxes, by excluding the last year turnover

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