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St late pmt calulation
how calculate of service tax late payment with interest example : Payment date of service tax 6/5/14 of rs.35600 but i am not able to till date so how much amount to pay on 6/9/14
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In case of delayed payment of service tax, there is a mandatory simple interest under section 75 for the period for which payment is delayed.
Currently the rate is 18% per annum
In case of small service providers whose value of taxable service did not exceed Rs. 60 Lakhs during any of the last or current financial year the rate of interest shall be reduced by 3% per annum [w.e.f. 8/4/2011]. Thus in their case, rate of interest would be 15% from 8/04/2011.
In your case-35600/- * 18%(or 15%) * 123/365
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