Interest on late payment of service tax

Q
1. Type of person?
2. Turnover in preceeding year?

1. Private limited company.

2. Turnover - Rs 85 lacs

 

1. According to Rule 3 of POT RULES . POT = DATE OF INVOICE OR DATE OF PAYMENT WHICHEVER IS EARLIER . SO POT IS 14.O4.2016.
2. Date of Payment of ST to gov is on 05.05.2016
3. Interest for non payment l will be @ 24% where amt is collected from buyer but not remmited to govt .
Interest will be chatged at 15 % for reason other than above.
4. Hence interest @ 24% will be computed from 04.07.2016 to 02.03.2017
and Interest @ 15% from 05.05.2016(POT DATE) to 04.07.2016.
5. This is in respect to new ammendment made in FA act.

Thanks Peter, you are right.

We also computed and deposited in the same manner.