17 January 2015
for a proprietorship firm how interest for delay in payment of service tax is computed for the 3rd qtr 2014 against november month collection.whether 3% interest is levied(1.5% p.m. for 2 months) or otherwise on 18th january?
17 January 2015
Only Company assessee requires to pay service tax on monthly basis. Other assessee requires to pay quarterly basis. There is no 2 months delay in your case. You are required to pay interest for late payment of service tax on number of days basis. If you are small service provider then interest will be 15% otherwise 18% for delay payment up to 6 months.
CAclubindia
