Service tax interest

suvranil satpati (Accountant) (41 Points)

19 April 2016

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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Niraj Kumar Sinha (Sr. Officer, SPSIL) (648 Points)
Replied 19 April 2016

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.

suvranil satpati (Accountant) (41 Points)
Replied 19 April 2016

Thanks for your reply...can u pls tell the formula....

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