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
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