Dear Friends,
I m working in a Interior Designing company.
I failed to make payment of Service TAx on 5th
Then i have to pay interest on Service Tax @ 1% for the month.
My que. is if i make payment on 8th then i have to calculate int. on 4 days only or for the whole month.
And what are the Interest codes for Interior Company incl. Service Tax, Edu. cess & Higher Edu Cess
Dear Paresh
i would like to make you clear that as per Section 75 of the Finance Act 1994 the rate of interest chargeble for delay in payment of service tax is 13% p.a. and not 1% p.m.
Perfect answer
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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