Interest on late payment of service tax
This query is : Resolved
04 November 2016
Dear Experts,
Kindly tell me the Rate of Interest on Late payment of service tax and I want to know weather the Interest is to Imposed on Total Service tax payable Before Adjustment of cenvat Credit or After Adjusting Cenvat Credit and Weather to calculate the Interest on service tax and cess combined or for the service tax amount alone. Thanks in Advance
Kindly tell me the Rate of Interest on Late payment of service tax and I want to know weather the Interest is to Imposed on Total Service tax payable Before Adjustment of cenvat Credit or After Adjusting Cenvat Credit and Weather to calculate the Interest on service tax and cess combined or for the service tax amount alone. Thanks in Advance
04 November 2016
HI,
From 2016-17 on wards:- Interest rate on delayed payment of of service tax is uniform at 15%, but in the case of Service Tax collected but not deposited to the government will be 24% from the date on which the Service Tax payment became due.
Interest liability will be calculated after set off of input credit, and Interest is calculated on total ST liability ( including ST, Cess)
Raghavendra
From 2016-17 on wards:- Interest rate on delayed payment of of service tax is uniform at 15%, but in the case of Service Tax collected but not deposited to the government will be 24% from the date on which the Service Tax payment became due.
Interest liability will be calculated after set off of input credit, and Interest is calculated on total ST liability ( including ST, Cess)
Raghavendra
Message likes :
1 times
04 November 2016
IF TURNOVER/ RECEIPTS IS GREATER THAN 60 LACS THEN 18% OTHERWISE 15% P.A. INTEREST TO BE CALCULATED DAY WISE.
Message likes :
1 times
05 November 2016
Thanks For Your Clarification Sir..
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
- Treatment of Pension ?annuity returns on PMVY
- Soyabean hsn code and gst rate
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- NON- SUBMISSION OF LLP FORM 3
- Free lancer income
- TDS related Query_Liquidated Damages
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- What is provisional receipt number for generation of form 16A
- Form 27Q Correction statement taking too long to update on IT Portal
- ITR selection for salaries and capital gain less than L
- Showing Gift from relative in ITR for this year
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
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
