Interest rate of service tax for fy 2016-17
This query is : Resolved
ROHIT METTU
(Querist)
28 October 2016
Dear Sir,
our business is sugar sale & we are not providing any service. we are paying service tax on reverse charge mechanism only so, what percentage of rete of interest is applicable where 15% or 12%.
also please tell me the interest calculation on service tax with example.
service tax is payable rs. 10000/- date of service & payment is 05/04/2016
due date of payment is 06/05/2016 date of payment is 25/10/2016 so what is the interst on it.
our business is sugar sale & we are not providing any service. we are paying service tax on reverse charge mechanism only so, what percentage of rete of interest is applicable where 15% or 12%.
also please tell me the interest calculation on service tax with example.
service tax is payable rs. 10000/- date of service & payment is 05/04/2016
due date of payment is 06/05/2016 date of payment is 25/10/2016 so what is the interst on it.
Rajannaidu
(Expert)
01 November 2016
Interest should be paid at the rate of 15% for FY 2016-17 (effect from 14th May 2016 ). and it should be calculated from the payment due date
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