27 May 2016
After passing of Finance Bill 2016, the rate of interest on late payment of service tax has been changed. Now, please guide at what rate of interest should i pay service tax to government. The service tax to be paid for the month of March 16 is Rs. 413070 and it has yet not been paid. From 31.3.16 to 13.5.16, the rate of interest to be taken is 18% but from 14.5.16 to 27.5.16 which rate of interest i should consider - 15% or 24%. I am bit confused with the interpretation. Please guide in this matter.
28 May 2016
Sir, please clarify how do u interpret service tax collected but not paid to Government. I am unable to get the intention behind this phrase so asking this query.
Also, what does other cases signify. Under which circumstances do we need to calculate rate of interest at 15%.
CAclubindia
