Late fine rate of service tax payment
This query is : Resolved
29 March 2016
Dear Experts,
What is the Late Fine for Delay Payment of Service Tax,
For Eg- my service Tax Liability as on 31-03-2016 is 1000, if i will pay this on 6-5-16( Payment due date is 31-3-16 for Mar-16), what amount i have to pay.
Rgds
syamkumar s
What is the Late Fine for Delay Payment of Service Tax,
For Eg- my service Tax Liability as on 31-03-2016 is 1000, if i will pay this on 6-5-16( Payment due date is 31-3-16 for Mar-16), what amount i have to pay.
Rgds
syamkumar s
29 March 2016
Vide Notification No 12/2014-ST dated 11.7.2014, rate of interest to be charged on delayed payment of service tax has been enhanced w.e.f. 1.10.2014, based on period of delay. Thus, longer the delay period , higher would be the rate of interest payable.
# Up to six months - 18% p.a.
# Beyond six months to one year - 18% p.a. for the first six months of delay; 24% p.a. for delay beyond six months.
# Beyond one year - 18% p.a. for the first six months of delay; 24% p.a. for period beyond six months up to one year; 30% p.a. for any delay beyond one year.
If turnover during preceding FY did no exceed Rs 60 Lacs then there will be a concession of 3% and interest rate will be reduced from 18% p.a. to 15% p.a.
# Up to six months - 18% p.a.
# Beyond six months to one year - 18% p.a. for the first six months of delay; 24% p.a. for delay beyond six months.
# Beyond one year - 18% p.a. for the first six months of delay; 24% p.a. for period beyond six months up to one year; 30% p.a. for any delay beyond one year.
If turnover during preceding FY did no exceed Rs 60 Lacs then there will be a concession of 3% and interest rate will be reduced from 18% p.a. to 15% p.a.
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29 March 2016
Remember you need to calculate interest on days basis for delay period which is from the due date of payment till the date of actual payment. Please check out the "Service Tax Late Payment Interest Calculator wef 01/10/2014" from link given below:
https://www.caclubindia.com/share_files/service-tax-late-payment-interest-calculator-wef-01-10-2014-64447.asp#.VLPlniuUfUs
https://www.caclubindia.com/share_files/service-tax-late-payment-interest-calculator-wef-01-10-2014-64447.asp#.VLPlniuUfUs
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29 March 2016
Sir , What does TURN OVER means, Is it Service value or Sales Value, Eg- My company have service tax obligation on transportation bills(export co.) in this case, our service charge(transporation value not exceeds Rs.60 Lk but our turn over exceeds) pls clarify
30 March 2016
Turnover means value of taxable services provided.
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30 March 2016
Thank You Sir,
Based on your Valuable Replies, pls see the below calculation is correct or not
Total Sales- 21 Cr
Total Service Received (Transportation Charges Paid)-71 Lakhs(We paid Service Tax on Transportation Charges Only)
Due Date of Pay.- 31-03-2016
Ser. Tax Liability - 10000
Date of Payment - 14-05-2016
My Calculated Interest is RS.222 . Tell me this Interest is correct or Not
Based on your Valuable Replies, pls see the below calculation is correct or not
Total Sales- 21 Cr
Total Service Received (Transportation Charges Paid)-71 Lakhs(We paid Service Tax on Transportation Charges Only)
Due Date of Pay.- 31-03-2016
Ser. Tax Liability - 10000
Date of Payment - 14-05-2016
My Calculated Interest is RS.222 . Tell me this Interest is correct or Not
30 March 2016
As per my calculation Interest amount will be Rs 217. You can also use the calculator from link given above to check the calculation.
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30 March 2016
k Sir, Its correct the difference between u and me is no of days taken, my calculation -10000*18%*45/365= 222, Apki- 10000x18%*44/365= 217, , thank u sir, Nxt doubt if we pay service tax on Transportation charges(Consignee, service Receiver) Only and Have Rs.1000000(10 Lakhs) Paid as Transportation in PY- which is my Turn Over- 1)10 Lakhs Or 300000(3Lakhs)(10 Lakhsx 30%)
02 April 2016
Sanjay Sir, My Doubt is that if we are not providing any taxable services but paying service tax as a service receiver(on Transportation Bills), what is our service tax late interest(It is 18 % OR 15 %), Even if our Total Transportation Bills Exceeds Rs. 60 Lakhs ,pls help me to slove this
02 April 2016
In that case interest rate will be 18%.
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