11 March 2013
Pls help me in computing the service tax liability including int for delay in pmt of service tax.
I had paid freight of Rs.47215/- to GTA on 04.02.13. As a Service receiver i need to pay service tax under reverse charge mechanism. As the due date was on 05.03.13, I still have not paid service tax due to delay in Service tax registration. My Question is do I need to pay any interest? If yes, then how much? Kindly show me the calculation.
11 March 2013
Kindly read Rule 7 of Service tax rules.... If you have paid the charges on 04/02/2013 you have to pay on due date which is applicable to you...and you have to pay interest on delayed days basis but you had received the bill for payment and you have not paid the same till today then you have not to worry for Interest...For more details pl. read the Rule 7
11 March 2013
First of all count the delayed days from the due date...then put the figure in below mention formula... Amount of legal Fees*12.36%*delayed days/365 You will receive total amount required to pay as Interest ...You have bifurcate it in 12%,2% of 12% and 1% of 12% and you have to pay it under the required code given for the service tax
CAclubindia
