Reverse charge mechanism
This query is : Resolved
UDAY BHASKAR AKULA
(Querist)
25 March 2014
Sir, now RBI is liable to pay service tax on RCM,what is the interest rate for delayed payment of service tax that is applicable to RBI
25 March 2014
there is no special rate bt same as applicable to normal service provider i.e @ 18%
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UDAY BHASKAR AKULA
(Querist)
25 March 2014
60 lakhs turnover limit is not applicable?
25 March 2014
that limit is only for income tax only....
UDAY BHASKAR AKULA
(Querist)
25 March 2014
In case of service tax also there is turnover limit of Rs.60 lakhs
25 March 2014
in case of service tax the limit is 10 laksh for non reverse charge service tax providers but for rcm there is no limit.
UDAY BHASKAR AKULA
(Querist)
25 March 2014
10 Lakhs limit is for small service provider for interest payment there is 60 lakhs limit.If turnover is below 60 lakhs then he is liable to pay interest @15% p.a, if turnover is more than 60 lakhs then he is liable to pay @18%
25 March 2014
yes that limit is for int u ur ri8............
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