Interest and penalty calculation
This query is : Resolved
M. A. Quadiri
(Querist)
28 August 2013
i have provided services in April'12 to June '12 for Amounts of Rs. 829711. and i have not paid service tax for the same , not yet filed my ST-3 for the above said period ..
Please suggest me how to calculate interest and penalty for the above said services ..
Please suggest me how to calculate interest and penalty for the above said services ..
RENGARAJ R.K
(Expert)
28 August 2013
Best option is to go for VCES scheme, pay 50% tax before dec 13 and balance 50% by 30th june 14 and avoid penalty, interest, late fee etc.,
The new rate of interest of 18% will be applicable from 1st April, 2011.However interest rate is reduced by 3 % for turnover up to 60 Lacs.
Non filing of return will also attract Rs.20K.
The new rate of interest of 18% will be applicable from 1st April, 2011.However interest rate is reduced by 3 % for turnover up to 60 Lacs.
Non filing of return will also attract Rs.20K.
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