Interest on service tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 October 2012
How to calculate interest on service tax, where short payment of service tax involved ?
Arun Kumar Singh
(Expert)
30 October 2012
Interest will be paid on remaining balance at the rate of 18% per annum.
Pradeep Nainawati
(Expert)
02 November 2012
As per section 75 of the act, If the amount of taxable turnover in previous year does not exceed 60 lakhs then rate of interest will be 15%
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