Interest rates and how to make reversal entries
This query is : Resolved
13 January 2012
Hiiiii,
My question is what are the interest rates for late payment reversal entries and wrong availment.
1/ Also please give me details how to make payment of interest duty and which heads.
2/ How to calculates interest payment.
Please advise.
Thanks
My question is what are the interest rates for late payment reversal entries and wrong availment.
1/ Also please give me details how to make payment of interest duty and which heads.
2/ How to calculates interest payment.
Please advise.
Thanks
18 January 2012
1] The rate of interest is 18% p.a. w.e.f. 01.03.2011, for prior period the rate was 13% p.a.
2] You need to make payment against excise accounting code No. - 00380087 Misc Receipts for Excise
3] The service tax interest payment differs for each service.
4] First calculate the no. of delay days i.e. if the payment was due on 06/12/2011 and you have paid duty on 10/12/2011 Then the delay days shall be 3 days [i.e. 07/12 to 9/12].
2] You need to make payment against excise accounting code No. - 00380087 Misc Receipts for Excise
3] The service tax interest payment differs for each service.
4] First calculate the no. of delay days i.e. if the payment was due on 06/12/2011 and you have paid duty on 10/12/2011 Then the delay days shall be 3 days [i.e. 07/12 to 9/12].
18 January 2012
This is in continuation to my reply regarding caluclation of interst.
After calculating the no. of days you need to calculate the interest as under:
Duty amount x 18/100x No. of delay days / 365
I hope this will clear your doubts
After calculating the no. of days you need to calculate the interest as under:
Duty amount x 18/100x No. of delay days / 365
I hope this will clear your doubts
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