Interest

Save Share

This query is : Resolved

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)

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)

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)

09 July 2013 Since the service is under reverse charge method of 50%, department will not raise the demand

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