Rate of interest calculation on service tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 August 2015
EXPERTS,
my query is that one of my friends is running a proprietary business which is comes under service tax.but from 1st october 2014 onwards he is collecting the service tax but not depositing into the govt account.then how do i calculate interest on such late payment.wheather flat rate of 18%pa or slab rates of 1st 6 months 18% next 6 months 24% and beyond one year 30% pa kindly guide me on this issue.
Thanking You
my query is that one of my friends is running a proprietary business which is comes under service tax.but from 1st october 2014 onwards he is collecting the service tax but not depositing into the govt account.then how do i calculate interest on such late payment.wheather flat rate of 18%pa or slab rates of 1st 6 months 18% next 6 months 24% and beyond one year 30% pa kindly guide me on this issue.
Thanking You
21 August 2015
1. Not flat rate of 18%.
2. If delay is up to 6 months simple interest @ 18% for the number of days delay.
3. > 6 months and upto 1 year rate is 24%
4. > 1 year 30% has to be charged.
2. If delay is up to 6 months simple interest @ 18% for the number of days delay.
3. > 6 months and upto 1 year rate is 24%
4. > 1 year 30% has to be charged.
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