Excess collection of service tax
Querist : Anonymous
If an excess service tax is collected is there any time limit for repaying the amount to the client? if the time limit is exceeded will it attract any interest; if yes at what rate? If payment is made to government will interest be applicable?
Kindly clear my querry
Thanking in anticipation
Any service tax collected in excess has to be deposited with Government. Not complying with the same attracts Interest at the rate of 15%. So, pay the same before 5th of next month to avoid interest.
Querist : Anonymous
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