Service tax interest rate

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 October 2011 Dear Experts,

Please answer my queries : -

1 Last Date of Service Tax.
2 Current Service Tax Interest Rate.
3. How to calculate interest on Service Tax (Day basis or monthly basis).

Thanks

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

04 October 2011 1. 5th / 6th from the end of the month in which bill is raised. This is for corporates.
For non corporates the same date after the close of each quarter.
2. 18% simple interest per annum.
3. To be calculated for the number of days delay.

Querist : Anonymous

Querist : Anonymous (Querist)

04 October 2011 Thanks for your early reply,

Please tell me interest will be calculated after first date of crossing the service tax date (06th or 05th) or calculated from Invoice date.

Thanks

Pragnesh

Pragnesh (Expert)

04 October 2011 IF you are paying service through manual challan then last date is 05th of every month or through using online payment service then last date is 06th of every month. Accordingly you can count interest day from 05th or 6th onwards.

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