Interest Calculation

2220 views 4 replies

Hi,

 

"A" pvt.Ltd Company has not paid service tax for the month of April, May. Before july 5th they wish to remit the same.

How to calculate interest on this delayed remittance? Whether it is based on number of days of delayed payment or monthwise.

Thanks in advance.

 

Regards

 

Vighnesh Bhat

KVK Corporate Advisors LLP

www.Startcompanyinindia.com

Replies (4)

interest is payable per month or part thereof basis

so he is eligible to pay 3 months interest

better to pay within 30th june, and save one month

You can make interest payment  based on No of days delay or No of month delay.  Better to pay based on No of Months. Provision says for delayed payment of Service Tax interest rate is 18% Per Annum, 15% Where value of taxable services provided during financial year not exceed 60 lakh rupees.

Service tax Interest could be calculated daywise.

Hi Sir,

One Of Client is taken  Registration on 11/6/2011 still date is not paid any service tax  hot till date turnover is rs.654756/- what,s the solution how to calculate the interest. pleage give me reply.

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