Rate of interest on delayed payment of service tax
This query is : Resolved
Shiwali Shukla
(Querist)
06 July 2016
Hello Experts, My query is regarding interest on late payment of service tax collected but not deposited to government. Query : One of my clients is in having Turnover of last year more than 60 lakhs. The service tax for the month of April to June 16 has not yet been deposited but collected from service recipient. Applicable rate of 18% shall be applicable or 24% ?
06 July 2016
Interest may be calculated as follows:-
1. ST of April -due date 5-5-2016
18% from 6-5-2016 to 13-5-2016
24% from 14-5-2016 to 6-7-2016.
2. ST of May 2016 - due date 5-6-2016
24% from 6-6-2016 to 6-7-2016.
3. ST of June 2016 - due date 5-7-2016
24% for 6-7-2016.
1. ST of April -due date 5-5-2016
18% from 6-5-2016 to 13-5-2016
24% from 14-5-2016 to 6-7-2016.
2. ST of May 2016 - due date 5-6-2016
24% from 6-6-2016 to 6-7-2016.
3. ST of June 2016 - due date 5-7-2016
24% for 6-7-2016.
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