becker cma

Updated CA/CS/CMA Online/Pendrive/Download classes available for May 21/ Nov 21 attempt. Call: 088803-20003

coaching
Prodamy

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

RATE OF INTEREST ON DELAYED PAYMENT OF SERVICE TAX


CA SUDHIR HALAKHANDI (PRACTICING CHARTERED ACCOUNTANT)     06 January 2009

CA SUDHIR HALAKHANDI
PRACTICING CHARTERED ACCOUNTANT 
 582 likes  12131 points

| My Other Post

GOOD MORNING, SOMEBODY TELL ME WHAT IS THE PRESENT RATE OF INTEREST ON DELAYED PAYMENT OF SERVICE TAX?

IS THERE ANY PENALTY ALONGWITH THIS INTEREST ON DELAYED PAYMENT OF INTEREST?

avater

Aditi Kaur (Practising CA)    06 January 2009

CCI Online Learning offers a library of courses for CA/CS/CMA Aspirants from the best faculties in India. Our top notch courses aim to make your journey from a student to a professional, a successful one. To promise a successful career as a professional CCI Online Learning also offers programs like Financial Modeling, MS Excel, IFRS/IND AS Certification Courses that will help you take your career to the next level. Check out the free demo videos here https://www.caclubindia.com/coaching/


raghuraj

raghuraj (CA-Final-Asst.Manager Accounts)     06 January 2009

raghuraj
CA-Final-Asst.Manager Accounts 
 30 points

View Profile | My Other Post

Rate of Interest on delayed payment of servicetax is 13%p.a.and interest to be calculated based on the number of days of delay.

Raghuraj

 

CA SUDHIR HALAKHANDI

CA SUDHIR HALAKHANDI (PRACTICING CHARTERED ACCOUNTANT)     06 January 2009

CA SUDHIR HALAKHANDI
PRACTICING CHARTERED ACCOUNTANT 
 582 likes  12131 points

View Profile | My Other Post

THANKS BUT MY SECOND QUESTION IS STILL PENDING- PENALTY?

OFFICESELVA

OFFICESELVA (Service)     06 January 2009

OFFICESELVA
Service 
 3 likes  515 points

View Profile | My Other Post

If you pay service tax along with interest mostly department will take lenient view and not impose penalty.  Moreover, penalty can be imposed only after issuing show cause notice and giving an opportunity to present the reasons for delayed payment of service tax.

Ritesh

Ritesh (CA Final)     06 January 2009

Ritesh
CA Final 
 8 likes  326 points

View Profile | My Other Post

Mr. Sudhir Halakhandi,

 Interest as already said by Mr. Raghuraj will be charged @ 13%....As far as penalty is concerned, it would be levied equal to higher of following:

Rs. 200 every day during which failure continues

or 2% of Tax per month

for the no. of days for which delay occurs

But such Penalty can't exceed the Tax payable

srikanth

srikanth (trainee)     07 April 2010

srikanth
trainee 
 21 points

View Profile | My Other Post

Dear sir

i am in default of paying service tax amount of Rs. 5667/- and education cess Rs.137/- Total 5994 for the quarter of September 2009. till date how much interest and penalty if any i have to pay.

please give me a solution

Thanks & regards

Srikanth

Pragnesh

Pragnesh (AM - Taxation)     09 April 2010

Pragnesh
AM - Taxation 
 63 likes  1259 points

View Profile | My Other Post

Interest will be 13% p.a. on Rs.5994/-. calculate on daily basis from 5th Oct. 09 to till last date of payment.

Regards

Pragnesh

Anukool

Anukool (Accounts Manager)     05 March 2011

Anukool
Accounts Manager 
 21 points

View Profile | My Other Post

What is the current interest rate?

Shikha Agarwal

Shikha Agarwal (Practicing Chartered Accountant)     18 April 2012

Shikha Agarwal
Practicing Chartered Accountant 
 1 likes  36 points

View Profile | My Other Post

The current rate of interets is 18% wef 1.4.2011. and  in case where the value of taxable services provided in a financial year is not more that Rs. 60 lakh the applicable tax rate will be 15% for the number of days of delay.

 
CA Rakesh Goenka

CA Rakesh Goenka (CA & CS)     18 April 2012

CA Rakesh Goenka
CA & CS 
 96 likes  872 points

View Profile | My Other Post

 I agree with  Shikha agarwal  rate  is 18 % okay


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  





Trending Tags