Dear All,
Can anyone tell me the step by step procedure for calculating interest on Service tax as well as the penalty for Service Tax.???
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Service tax interest
Replies (2)
At present interest on service tax is:
For first six months: @ 18%
Next Six months (from seven to twelve month): @ 24%
After that (from 13 month): 30%.
In budget, govt has prescribed interest for service tax @ 15%. Once budget is passed, 15% will be applicable.
Thanks for your reply...can u pls tell the formula....
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