Urgent
Querist : Anonymous
We are a individual firm. and need to deposit service tax for the 2nd half year of fy 2015-16. what is the interest rate would be applicable. 18% or 24%
Please clarify.
http://www.caquery.com/interest-on-delayed-payment-of-service-tax-sec-75/
Querist : Anonymous
you need to find out your delay in terms of month...would you?
Querist : Anonymous
Querist : Anonymous
first try to find out your date of payment as required.....from that compute 6 months etc.....ok?
Querist : Anonymous
18% p.a. for first six month of delay + 24% p.a. for the delay beyond 6 months
Querist : Anonymous
Interest rate on delayed service tax payment:
For delay up to 6 months — Interest @ 18% p.a.
For delay beyond 6 months — Interest @ 24% p.a. on the period exceeding 6 months
Since your tax payment due date was 06/01/2016 and payment is delayed beyond 6 months but less than 1 year, you need to pay:
18% interest for the first 6 months of delay, plus
24% interest for the remaining period of delay.
Accounting code for late fees:
Usually, late fees are treated as penalty under service tax.
So, you should use the Penalty accounting code for late fee payment.
Interest on delayed payment should be paid under the Interest accounting code.
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