Company has paid service tax for the month of June 2017 in October 2017 but paid only service tax portion and not the interest. Today its February now what will be consideration? Will there be any interest on interest?
There will be interest and penalties levied Interest : if service tax collected but not paid the service tax on or before the due date when became payable - 24% other than above case-15% (Service tax interest % will be reduced by 3% if turnover less than 60 lakhs) Penalty : (As per notice) Not exceeding 10% of service tax payable (as per notice received and payment made of interest and service tax )