Service tax
This query is : Resolved
24 August 2013
How to calculate interest on late payment of service tax
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
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
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.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- Sales return eway bill
- TAN for Partnership
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- STCG FOR GOLD ETFs
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- Tax liability on income of freelancer
- GST ON DAMAGED GOODS
- Loan by Partnership Firm
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
