Service tax interest calculation

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Hey need to Pay Service tax for a parivate limited comapny, Turnover less than 60 Laks...

 

How to Calculate the interest????

 

OCTOBER                                                15,907
NOVEMBER                                                10,790
DECEMBER                                                  9,418
JANUARY                                                10,308
FEBRUARY                                                11,334
MARCH                                                16,784
Replies (1)

18% or 15% (as the case may be) simple interest upto 30.09.2014.
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Variable interest rates will apply on/after 01.10.2014.
- Notification No. 12/2014-ST, dated 11.07.2014 (link)
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Sl. No.

Period of delay

Rate of simple interest

1.

Up to 6 months

18%

2.

More than 6 months and up to 1 year

 

18% for the first 6 months of delay, and

24% for the delay beyond 6 months

3.

More than 1 year

18% for the first 6 months of delay

24% for the period beyond 6 months up to 1 year, and

30% for any delay beyond 1 year

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As specified in the proviso to section 75, 3% concession on the applicable rate of interest will continue to be available to the small service providers, i.e. assessee having turnover not exceeding Rs. 60 lakhs during the preceding financial year or during any of the financial years covered by the notice.
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Time limits have been prescribed on monthly basis whereas interest is required to be computed on per day basis.
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For service tax late payment interest calculator w.e.f. 01/10/2014 - click here
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(Note: This calculator is not applicable where service tax became due before 01.10.2014 and was paid after 01.10.2014. For calculation of interest in such cases - click here)


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