banner_ad

Service tax

This query is : Resolved 
Profile Image

Profile Image

(Querist)
24 August 2013 How to calculate interest on late payment of service tax
Profile Image

Sumit Grover

Profile Image

Sumit Grover (Expert)
24 August 2013 It is calculated @ 18% p.a. for delay(i.e. actual no. of days) in period.
For example:
Service tax received/due on 18-July-13, so due date of payment is 05-Aug-2013(assuming non- e-payment)
And, assesse paid service tax on 11-Aug-2013
So interest on service tax shall be computed as follows:
S. tax amount X 18% X (11-5)/ 365
Profile Image

Sumit Grover

Profile Image

Sumit Grover (Expert)
24 August 2013 Furthermore, if taxable turnover in previous year doesn't exceed Rs. 60 Lacs, then rate of interest for delayed payment is 15% p.a. instead of 18% p.a.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
14 May 2026
Senior Associate

ABHISHEK SHANKAR AGARWAL & ASSOCIATES

Kolkata

CA

View Details
Company
09 May 2026
Audit Manager

Kanna and Associates

Coimbatore

CA Inter

View Details