Late payment of service tax
This query is : Resolved
05 April 2012
Dear All
service tax payable on 31.03.2012 paid on 08.04.2012 what will be the interest amount and how to calculate
please guide
thanx
service tax payable on 31.03.2012 paid on 08.04.2012 what will be the interest amount and how to calculate
please guide
thanx
05 April 2012
Interest rate is 13% p.a.
Paid on late payment of 8 days.
Amount*13%*8/365 = Interest Payable
Paid on late payment of 8 days.
Amount*13%*8/365 = Interest Payable
05 April 2012
Now the interest rate is 18% and also penalty will be applicable.
Penalty is eithere Rs. 200 per day of default or 2% p.m whichever is higher. However, penalty shall not exceed the service tax payable.
Penalty is eithere Rs. 200 per day of default or 2% p.m whichever is higher. However, penalty shall not exceed the service tax payable.
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