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.
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