Section 75 of finance act 1994
This query is : Resolved
Naresh Kumar
(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
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
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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