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How to calculate interest rate on service tax

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(Querist)
21 February 2014 Dear Friends,

How to calculate the interest on service tax pls brief it and what is the percentage pls
let me know

Thanks & Regards
Saritha
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motichand gupta

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motichand gupta (Expert)
21 February 2014 Interest rate is 18% pa. and while calculating the liability, it is calculated in no. of days.
For eg, suppose service tax payment due date is 6th and you have made payment on 9th then on service tax due amount, you apply 18% then divide 365 days and multiply for default days ie 3 days.
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