Rate of interest as per notification no. 13 dt. 01.03.2016
This query is : Resolved
31 March 2016
Dear Experts,
As per Notification No. 13 dt. 01.03.2016, rate of Interest payable is 24% in case of Service Tax Collected but not paid within time. My question is, are this 24% also applicable on Service Tax payable under Reverse Charge as in this case, Service Tax not collected from anyone.
Secondly, assessee is a Transporter and as per Point of Taxation Rules, Service tax would be paid by them on issue of Consignment Notes (not on Collection of Service Tax). What is the Rate of Interest for late payment of Service Tax as per this Notification No. 13 dt. 01.03.2016.
As per Notification No. 13 dt. 01.03.2016, rate of Interest payable is 24% in case of Service Tax Collected but not paid within time. My question is, are this 24% also applicable on Service Tax payable under Reverse Charge as in this case, Service Tax not collected from anyone.
Secondly, assessee is a Transporter and as per Point of Taxation Rules, Service tax would be paid by them on issue of Consignment Notes (not on Collection of Service Tax). What is the Rate of Interest for late payment of Service Tax as per this Notification No. 13 dt. 01.03.2016.
31 March 2016
Interest rate under Reverse Charge Mechanism (RCM) is same as in other case i.e. 24% as per notification.
Point of Taxation in Case of GTA will be on issue of Contract notes or Payment whichever is earlier.
Point of Taxation in Case of GTA will be on issue of Contract notes or Payment whichever is earlier.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
