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Section 75 of finance act 1994

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(Querist)
05 March 2012 when the payment of service tax of january month deposited on march 5th then how to calculate interest on service tax

1.whether on monthly basis i.e. 1.5% p.m.

2.whether on day basis i.e. 5th feb to 5th march
clarify me
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Krishna Mohan

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Krishna Mohan (Expert)
05 March 2012 Interest is calculated on daily basis @ 13% p.a. (if your service turnover is below 60 lacs) or @ 18% p.a. (if your service turnover exceeds 60 lacs).

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