Interest

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 August 2013 Dear Sir,
I need to deposit service tax collected between 1 April 2013 to 30 June 2013. And the tax amount is Rs. 60000/-, And this would be the first year of business.

How much interest I have to pay if I deposit it on 20-08-2013.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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06 August 2013 In case there is late payment of service tax to the Central Government, the payment shall be made along with interest compounded @18% (Simple Interest). If turnover less than Rs 60 lacs then interest rate is 15%.

Querist : Anonymous

Querist : Anonymous (Querist)

06 August 2013 From when it would be calculated and it would be given on day basis or on month basis like income tax.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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06 August 2013 Interest to be calculated on days basis.

Querist : Anonymous

Querist : Anonymous (Querist)

06 August 2013 From when it would be started?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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06 August 2013 From the date when you have collected the Service Tax or from the date when you are liable to pay whichever is earlier.

Querist : Anonymous

Querist : Anonymous (Querist)

06 August 2013 As I see for the first quarter it would be calculate from 06-07-2013.

Am I right?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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06 August 2013 Yes you are correct because interest is payable for the period from the first day
after the due date till the date of payment of the defaulted service Tax amount.

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