Dear Friends,
Pls.clarify my interest calculation on late payment of Service Tax
April 2012 service tax payable is planning to pay on 13th July 2012
I have given below my workings
5-MAY-2012 is due date and 13-July-2012 = 70 days (Incl of both days)
Hence , Amount payable x 70/365 x 18% = Tax Liability as on date.
Pls.confirm my workings.
CALCULATE INTEREST FOR 69 DAYS ONLY
thats correct but only for 69 days
Interest payable is from due date of payment. When due date lapses, then interest calculation starts from the next day.
Hence, 69 days.
Yes, Its correct
Dear members i am adding one more point in the given case
what will be the calculation if the party wants to pay electronically -whether due date to to be considered after 6th may or 5th may? nd what will be total days?
Due date is still 5th but 1 day liberty is given for online payment. if u fail to deposit tax on time interest will be calculated from 6th not 7th.
while payment of interest for partcular Month, the interest part is to be include in service provided amt. or it needs to show seprate in challan..??
pls rly ASAP
Hey friends,
I have attached service tax interest calculation file with input, output and service tax payable figures from oct.13 to mar.14.
in sheets i have mentioned various dates of payments and amount of payment as payments were made in tranches.
please observe sheet and calculation and let me know whether it is correct or not.
| Due Date | Paid Date |
| 01.01.13 | 10.10.14 |
| Period | Interest @ Rate |
| 01.01.13 to 30.09.14 | 18% |
| 01.10.14 to 10.10.14 (beyond 1 yr) | 30% |
| Due Date | Paid Date |
| 01.01.14 | 10.10.14 |
| Period | Interest @ Rate |
| 01.01.14 to 30.09.14 | 18% |
| 01.10.14 to 10.10.14 (beyond 6 Mth to 1 yr) | 24% |
| Due Date | Paid Date |
| 01.01.14 | 31.03.15 |
| Period | Interest @ Rate |
| 01.01.14 to 30.09.14 | 18% |
| 01.10.14 to 31.12.14 (beyond 6 Mth to 1 yr) | 24% |
| 01.01.15 to 31.03.15 (beyond 1 yr) | 30% |
| Due Date(epayment) | 06/05/2012 |
| Payment Date | 13/07/2012 |
| Delay for Days | 68 |
CAclubindia
