Due to a new change in interest rates of delay in payment of service tax we are facing a confusion.
What will be the interest on 100000 service tax payable in the month of dec2015 and paid in 17 aug 2016.
RATES BEFORE WERE 18% AND NOW IS 15%
total turnover is below 60L hence benefit of 3% is also available.
Yes please justify with an example
Hi Hardik,
I am providing you the detail analysis on above with example. There was a circular of department at relavant time. Where in page number 5 paragraph 3.1 of that circular, department explains the answer to this situation.
Link: https://indiabudget.nic.in/budget2014-2015/ub2014-15/cen/JSTRUII10072014DO.pdf
Though, it was an old clarification but you would be able to conclude your position, that how the interest needs to calculate.
Hope, above information serves your purpose.
Regards
The link has been removed. can you provide me with better link.
Thank you
Hi Hardik,
I hav attached file for your reference.
Reagrds
CAclubindia
