SERVICE TAX INTEREST
This query is : Resolved
04 June 2011
I am Sanish from Cochin. I have a doubt regarding service tax interest. I cannot deposit service tax on due date (5th Day).If I deposit on 15th day, from which date I should pay interest? Is it 1st day of the month or after due date(5th day). And what is the interest rate of Service Tax. My service tax labour for May is Rs. 150000/- How much amount should I pay if I deposit on 15.06.2011.Please reply to my query... please very urgent. My mail id : Sanish.ks@sify.com
04 June 2011
interest will be calculated from 6th june to 15th June @ 18% p.a.
Message likes :
1 times
04 June 2011
interest to be calculated from 06th to 15th i.e. 10 days
Interest Rate at present is 18% on due amount.
so you need to pay Rs. 740 as Interest
Interest Rate at present is 18% on due amount.
so you need to pay Rs. 740 as Interest
Message likes :
1 times
04 June 2011
Till 31/3/2011 simple interest @13% has to be payed for the delayed period. But vide notification 14/2011 dated 1/3/2011 interest rate is enhanced to 18%. However, if turn over of the service provider is up to Rs. 60 lakhs such service providers are liable to pay only 15%. This change is effective from 1/4/2011.
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
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Under construction property in ITR
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Gift of mutual fund units to daughter
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- Not able to file ITR
- Reporting of STCG on Property in ITR
- Foreign inward in ITR
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
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
