Interest on service tax
Querist : Anonymous
whether after due date and date of payment both day should be calculated for interest calculation on service tax.
Interest rate ( As per otification no. No. 6/2011) is 18% p.a on service tax if value of taxable service is more than Rs. 60 Lakhs and if less than Rs. 60 Lakh, you have to pay 15% p.a. interest on service tax if you do not pay service tax within the due date. The new rate of interest of 18% p.a. is applicable from 1st April, 2011.
Interest is calculated from the due date till the date of actual payment.
Querist : Anonymous
from 6th to date of payment both date should be count. for interest calculation.
Querist : Anonymous
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