Interest on service tax

This query is : Resolved

Govind Rathore (Querist)
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07 April 2015 Hello, I nned to pay service tax for a Private limited company

Turnover :20 Lakhs

Service Tax payable:
OCTOBER 14 15,907
NOVEMBER 14 10,790
DECEMBER 14 9,418
JANUARY 15 10,308
FEBRUARY 15 11,334
MARCH 15 16,784

Date of payment: 08-04-2015

Can u Please help me with the interest to be paid

CA ANILKUMAR B.COM FCA DISA

CA ANILKUMAR B.COM FCA DISA (Expert)
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07 April 2015 With effect from October 2014, if the delay is....

up to 6 months - 18% P.A
From 6 Months to 1year- 24% P A
More than 1 year - 30% p A

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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07 April 2015 Vide Notification No 12/2014-ST dated 11.7.2014, rate of interest to be charged on delayed payment of service tax has been enhanced w.e.f. 1.10.2014, based on period of delay. Thus, longer the delay period , higher would be the rate of interest payable.
# Up to six months - 18% p.a.
# Beyond six months to one year - 18% p.a. for the first six months of delay; 24% p.a. for delay beyond six months.
# Beyond one year - 18% p.a. for the first six months of delay; 24% p.a. for period beyond six months up to one year; 30% p.a. for any delay beyond one year.

If turnover during preceding FY did no exceed Rs 60 Lacs then there will be a concession of 3% and interest rate will be reduced from 18% p.a. to 15% p.a.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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07 April 2015 Remember you need to calculate interest on days basis for delay period which is from the due date of payment till the date of actual payment. Please check out the "Service Tax Late Payment Interest Calculator wef 01/10/2014" from link given below:
https://www.caclubindia.com/share_files/service-tax-late-payment-interest-calculator-wef-01-10-2014-64447.asp#.VLPlniuUfUs

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