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Querist : Anonymous

Querist : Anonymous (Querist)

08 July 2013 Dear Sir,
Suppose service tax collected in April 13 to June 13 is Rs. 25400/-. And assessee wish to deposit it on 25/07/2013, then what would be due interest on 25/07/2013.

Regards.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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08 July 2013 Delayed payment of Service tax interest rate is 18% per annum. can be calculate the day basis.

In case previous financial year, your turnver is less than Rs.60 lakhs the 15% per annum

Service tax due date is 5th of the following month. accordingly the monthly interest can be calculated

Querist : Anonymous

Querist : Anonymous (Querist)

08 July 2013 Taxable service - 205500/-
Service Tax 12.36% - 25400/-

In the above case service receiver company has paid 50% of the above service tax amount by saying that 50% will be paid by them.

Now in ST-3 how to mention 50% is not paid by the service receiver.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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08 July 2013 you no need to show the receiver company service tax paid details you can restrict the amount of your liability of service tax only

Querist : Anonymous

Querist : Anonymous (Querist)

08 July 2013 suppose we deposited Rs. 12700/- then whether the department will raise demand for rest 12700/-, 50% of 25400/-.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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09 July 2013 Since the service is under reverse charge method of 50%, department will not raise the demand

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