Interest on service tax
This query is : Resolved
nitin sardana
(Querist)
13 February 2013
what is the effect of intrest on service tax in case of a firm??
Arun Kumar Singh
(Expert)
13 February 2013
18% per anum rate of interest if you have to pay service tax delay.
13 February 2013
hi...
18% per year rate of interest in any case, but ternover below 60 lacs than rate of interest is 15% per year in any case...
18% per year rate of interest in any case, but ternover below 60 lacs than rate of interest is 15% per year in any case...
Arun Kumar Singh
(Expert)
13 February 2013
Dear Pravin,
Give me the notification or circular regarding rate of interest 15%. The rate of interest has been revised to 18% in place of 13% vide amending notification no. 14/2011-S.T. dated 01.03.2011 w.e.f. 01.04.2011.
Give me the notification or circular regarding rate of interest 15%. The rate of interest has been revised to 18% in place of 13% vide amending notification no. 14/2011-S.T. dated 01.03.2011 w.e.f. 01.04.2011.
nitin sardana
(Querist)
13 February 2013
sir but actually i want to know the effect of intrest on service tax in balance sheet..
CA Prashant Gupta
(Expert)
13 February 2013
it will be in debit side of P/L if you paid interest on service tax.
in balance sheet your bank balance will be reduced.
in balance sheet your bank balance will be reduced.
nitin sardana
(Querist)
13 February 2013
soit would be treated as our expense..
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