Due to Calculation Error We have paid Excess Interest on Late payment of Service Tax. Can we adjust this excess interest in next Qtr in paymant of Service Tax.
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Excess interest paid on late payment of service tax
Replies (4)
If you have to pay service tax late then pay with interest @ 18% per annum.
Dear Vikas,
Please note that The question of Credit does not arise in this case i.e.,
Interest paid in Central Excise or Service Tax.
Dear Vikas,
You may intimate the Public Accounts Officer (PAO) on this account and get the same rectified. In this way, you shall also be able to claim the adjustment by considering it to be tax.
You can adjust your excess payment of interest in future liability.
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