Late payment of service tax

This query is : Resolved

ANIL SHARMA (Querist)
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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

CA Prashant Gupta

CA Prashant Gupta (Expert)
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05 April 2012 Interest rate is 13% p.a.

Paid on late payment of 8 days.

Amount*13%*8/365 = Interest Payable

CA Kishore Tallam

CA Kishore Tallam (Expert)
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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.