Service tax computation
This query is : Resolved
27 April 2015
Dear Madam\Sir,
If service tax payable on 07/01/2013 is Rs. 2,00,000/-, service tax paid on 07/01/2015 like to know the following on interest computation
1) Scenario-1
Interest rate on service tax from 07/01/2013 to 30/09/2014 @ 18% per year and
from 01/10/2014 to 07/01/2015 @ 30% per year
2) Scenario-2
Interest rate on service tax from
07/01/2013 to 06/07/2013 at 18% per year
07/07/2013 to 06/01/2014 at 24% per year
07/01/2014 to 07/01/2015 at 30% per year
Please can you clarify which method of interest computation is correct.
If service tax payable on 07/01/2013 is Rs. 2,00,000/-, service tax paid on 07/01/2015 like to know the following on interest computation
1) Scenario-1
Interest rate on service tax from 07/01/2013 to 30/09/2014 @ 18% per year and
from 01/10/2014 to 07/01/2015 @ 30% per year
2) Scenario-2
Interest rate on service tax from
07/01/2013 to 06/07/2013 at 18% per year
07/07/2013 to 06/01/2014 at 24% per year
07/01/2014 to 07/01/2015 at 30% per year
Please can you clarify which method of interest computation is correct.
27 April 2015
Scenario 2 is correct.
You can also check out the "Service Tax Late Payment Interest Calculator wef 01/10/2014" from link given below:
https://www.caclubindia.com/share_files/service-tax-late-payment-interest-calculator-wef-01-10-2014-64447.asp#.VLPlniuUfUs
You can also check out the "Service Tax Late Payment Interest Calculator wef 01/10/2014" from link given below:
https://www.caclubindia.com/share_files/service-tax-late-payment-interest-calculator-wef-01-10-2014-64447.asp#.VLPlniuUfUs
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
- CAPITAL GAIN REDEVELOPED FLAT
- REGARDING ITR FILING QUESTION
- Requirement under FEMA &RBI
- CLOSING STOCK QUERY
- Gst reverse charge mechanism to be claimed in the month of payment
- Taxation on Old jewellery sold
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- F&O reporting in ITR
- Technical Glitch in ITR-4 Online Form (AY 2026-27): Sec 44AE Partner Remuneration not mapping to E8
- Residential status of non resident
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
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
