Service tax query!!

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 November 2011 from 1-July Service Provider is required to deposit ST on accrual basis,but one of the SP providing services of Event Mgmt, deposited ST on receipt basis, now he is required to deposit on Accrual basis & Interest is mandatory or not??
What is the Interest rate??

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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12 November 2011 Interest is mandatory. Rate of interest is 15% for the number of days delay if annual turnover does not cross Rs. 60 lakhs.

Querist : Anonymous

Querist : Anonymous (Querist)

12 November 2011 In case ST already deposited on receipt basis,but as per POT rules,event manager is required to calculate ST from July-SEP & Deposit balance with Interest or may continue on receipt basis as challan already deposited??

PUNEET GOYAL

PUNEET GOYAL (Expert)
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12 November 2011 In your case, event manager is required to pay service tax on accrual basis immaterial of the fact that by mistake you have deposited tax on receipt basis.

You are also required to pay interest if the date of receipt of payment is later than date of accrual of service. Rate of interest is 15% or 18 % as the case may be.

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