Interest on delayed payment
This query is : Resolved
13 July 2011
Dear Experts,
First I thank you very much for those who had cleared my doubts and answered well. Now, I am liable to an amount of Rs.25000/- as Service Tax, which is delayed for 9 days.
1) The interest to be paid for Rs.25000/- is @ 13% ?
or
2) Rs.200/- per day or interest @2% per month, which ever is higher.
May I know, which is the present rule for interest on delayed payment of Service tax please ?
Joice Jacob.
First I thank you very much for those who had cleared my doubts and answered well. Now, I am liable to an amount of Rs.25000/- as Service Tax, which is delayed for 9 days.
1) The interest to be paid for Rs.25000/- is @ 13% ?
or
2) Rs.200/- per day or interest @2% per month, which ever is higher.
May I know, which is the present rule for interest on delayed payment of Service tax please ?
Joice Jacob.
13 July 2011
Pl follow rule 7C of service tax rules,1994. Interesr rate is 18% per annum to be calculated for 9 days delay.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Income tax return change regime form necessary or not?
- EXEMPTION OF LONG TERM GAIN UNDER SECTION 54F
- Refund of Rs.4,00,000/- pursuant to Appeal Order – Deceased Proprietor & Closed Bank Account
- Machinery taking back from repair work shop
- Resignation of auditor and appointment and cfss
- Partnership firm under Section 44AD
- Partner retired
- RCM PAYMENT OF APRIL 2025 NOT PAID IN YEAR AND NOW PAYING IN OCTOBER 2026 RETURN
- EPF RETURN FILLING
- Patient expenses
- Tax Audit Mandatory or Optional
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
