Service tax
This query is : Resolved
Dipti chaudhari
(Querist)
24 August 2013
How to calculate interest on late payment of service tax
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
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
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.
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