My client has provided services in Ist quater of FY 09-10 for rs. 9,97,350 against , so his service tx payable is RS 1,02,727, he has a input credit of rs. 87516 Rs for same quater ,
My questin is Intest for late payment will be provided for whole amount i.e. 102727 or balance amount i.e.15209.
thanks for ur replies
Simple Interest @ 13% p.a. will be levied on the balance amount of Rs.15,211/- i.e after adjusting the credit for input service of Rs.87,516/-.
Hi Avanish,
Calculate in a MS Excel Sheet like this -
Total Output Liability
Less: Total Input Service during the year
= Net ST payable
Interest will be on "Net ST Payable" @ 13% multipying by the days of delay.
Mr. Yatish is all correct.
13% per anum
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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