Interest on service tax payment.

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Querist : Anonymous

Querist : Anonymous (Querist)

08 October 2012 Hi... i want conform that,

My Sept'12 service tax liability is Rs.13635/- which due date is 5/6 Oct'12
but i deposit service tax on 8 Oct'12. for interest on service tax how many days i will count. is Rate of Interest is 13% p.a or any changes.

Arun Kumar Singh

Arun Kumar Singh (Expert)

08 October 2012 Interest will be 18% per annum. you have to pay interest for 3 days only.

Message likes : 1 times

Pankaj Gupta

Pankaj Gupta (Expert)

08 October 2012 In addition to interest@18% for 3 days u/s 75, penalty u/s 76 shall also be paid. Penalty will be Rs 100 per day for 3 days ie 300 Rs.

Arun Kumar Singh

Arun Kumar Singh (Expert)

08 October 2012 Dear Mr. Pankaj,
If you have to pay duty with interest, penalty can not be imposed.

Nishant

Nishant (Expert)

08 October 2012 Rate of interest on delayed payments will be 18% p.a. in case your receipts in the previous year exceeds Rs 60 lacs in the previous year, else the rate of interest is 15% p.a

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