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Interest on service tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 August 2012 Service tax payable for the march month to be paid by 31 March.
If it is paid in april can we make provision of interest on late payment of service tax as on 31 march in the balancesheet or shall we make provision of only service tax portion.
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srinath

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srinath (Expert)
10 August 2012 Provision should be made when the amount of payment is very clear and the outflow of amount is also certain.

In the current case since both are there, my view is that provision should be passed for this interest also
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RENGARAJ R.K

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RENGARAJ R.K (Expert)
10 August 2012 The interest calculation is 18% per annum. For those the taxable turnover is less than 60 lacs in a year, will have to pay only 15% p.a for the delayed days. Make a provision for the interest, as per your turnover of last year.
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