Which are interest rate i can consider on late payment

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chavda tejendrasinh dilipsinh (Querist)
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20 June 2015 sir I have received service tax demand notice. services tax amount payable periods from 1.4.2010 to 31.3.2015. along with interest. but recently change service tax interest rate. how to calculate interest amount on delay service tax payment. which rate are call considered.???

NAMAN K DOKANIA

NAMAN K DOKANIA (Expert)
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21 June 2015
Eg:- Service tax dues on 01.01.2014. You paying in 30.06.2015

1. Calculate Service Tax Interest@ old rate i.e. 15%/18% (as applicable)till 30.09.2014.

2. Then, after 01.10.2014, rate changed into slabs.. 18%/24%/30%.

3. On 01.10.2014, time elapsed is 9 months.

So, interest will be calculated as under:-

01.10.2014 to 31.12.2014 :- Intt@24%
01.01.2015 to 30.06.2015:- Intt@30%

New rate will be operational on or after 01.10.2014

I hope your issue is resolved now.

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