S JEEVARETHINAM (Sr Manager Finance and Taxation) (137 Points)
13 July 2012Dear 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.
Ajit kumar Dubey
(Taxation Manager)
(637 Points)
Replied 13 July 2012
Prateek Agarwal
(Sr. Executive - Finance & Accounts)
(1732 Points)
Replied 20 July 2012
Interest payable is from due date of payment. When due date lapses, then interest calculation starts from the next day.
Hence, 69 days.
Rajeev Kumar Upadhyay
(CA Final and Employed as AM Finance)
(34 Points)
Replied 12 November 2013
Yes, Its correct
S .Ghosh
(audit assistant)
(258 Points)
Replied 30 January 2014
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?
Rajeev Kumar Upadhyay
(CA Final and Employed as AM Finance)
(34 Points)
Replied 30 January 2014
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.
Arpit parikh
(chif accountatn)
(25 Points)
Replied 21 February 2014
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
Pankil
(CA final)
(88 Points)
Replied 21 October 2014
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.
Manish K.Gandhi
(Superintendent)
(966 Points)
Replied 20 November 2014
| 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 |
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