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How much interest on late payment

Tarun Sharma (Accountant) (89 Points)

15 April 2015

we have deposited service tax(gta) challan on 4th april instead of 31st march . how much interest further need to be deposited on 15th april and in which accounting code please guide.

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4 Replies

CA Sujeet Kumar (Self-Practice) (738 Points)
Replied 16 April 2015

Dear you have to pay interest @ 18% for 4 days i.e. from 1st april to 4th april and for accounting code kindly see on below link.

https://www.servicetax.gov.in/circular/st-circular12/st-circ-165-2012-annx.pdf

Tarun Sharma (Accountant) (89 Points)
Replied 16 April 2015

We have deposited only service tax challan on 4th april and interest not yet deposited in this case how interest will be calculated

CA Sujeet Kumar (Self-Practice) (738 Points)
Replied 16 April 2015

Dear calculate interest @ 18% on service tax which you have paid on 4th april

Manish K.Gandhi (Superintendent) (966 Points)
Replied 16 April 2015

in case your turnover is below 60 lakh, interest rate reduced by 3% so effective rate is 15%. in payment beyond 6 month interest at 24%(21%) and beyond 1 yr rate is 30%(27%).

For example due date is 31.03.2015 and service tax is paid on 30.04.2016, for the period 01.04.15 to 30.09.15 rate is 18%, 01.10.15 to 31.03.16 rate is 24% and from 01.04.16 to 30.04.16 rate is 30% ( for turnover less than 60 lakh, reduce 3%)