13 February 2012
one of my client has not paid service tax on road transport service since April 2008. the rate of interest is increased from 13 %p.a. to 18 % p.a. from 1-4-20111 so please help me how to calculate the interest. whether 18 % p.a. since April 2008 till payment or up to 31-03-2011 at 13 % p.a. and from 1-4-2011 at 18 % p.a. ?
14 February 2012
If the value of taxable services provided during the last preceding financial year is less than Rs.60 lakhs such rate of interest shall be 15% percent per annum to be calculated from 01/04/2011.