Service tax payment gar 7
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 September 2011
I have get registration in april 2011 for advertising services,
I have issue a bill on 14th May 2011 for Rs. 55150 (Rs. 50000+ ST Rs. 5150), but receive the payment on 20th July 2011.
I have not paid that amount in bank till date.
Now how much interest I have to pay for it?
I have issue a bill on 14th May 2011 for Rs. 55150 (Rs. 50000+ ST Rs. 5150), but receive the payment on 20th July 2011.
I have not paid that amount in bank till date.
Now how much interest I have to pay for it?
01 September 2011
Dear Sir,
whether you asking about the service tax interest or any other interest.
if it is Service tax interest , then the interest for service tax on delay in payment will attract 18%. In Central Excise the notification no. No. 6/2011-Central Excise (N.T.) dt. 01.03.2011 has brought an amendment for the purpose of the section 11AB of the Central Excise Act, 1944 by fixing the interest rate at 18% p.a. it is increased from 13% to 18% p.a. and with effect from 1st April 2011.
whether you asking about the service tax interest or any other interest.
if it is Service tax interest , then the interest for service tax on delay in payment will attract 18%. In Central Excise the notification no. No. 6/2011-Central Excise (N.T.) dt. 01.03.2011 has brought an amendment for the purpose of the section 11AB of the Central Excise Act, 1944 by fixing the interest rate at 18% p.a. it is increased from 13% to 18% p.a. and with effect from 1st April 2011.
02 September 2011
dear, you have issued the bill on 14th may. you have to deposit the service tax on the last day of the month i.e 31st may. now as you have not deposited your service tax on due date. interest will be payable w.e.f 1st June. even if you have received payment on 20th july you have to pay interest from Ist June till the date of payment of service tax.
02 September 2011
If your status is other than 'company' ie., proprietor or partnership, then you have two options to pay the service tax.
1) due date of service tax payment can be 5 th July 2011 or
2) due date of service tax payment can be October 5th.
This option is given in the 'transitional provisions' of "point of taxation rules,2011".
If first option is selected interest @ 18% per annum has to be paid for the number of days delay ie if paid today 60 days interest has to be paid.
1) due date of service tax payment can be 5 th July 2011 or
2) due date of service tax payment can be October 5th.
This option is given in the 'transitional provisions' of "point of taxation rules,2011".
If first option is selected interest @ 18% per annum has to be paid for the number of days delay ie if paid today 60 days interest has to be paid.
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 September 2011
Warrier Sir,
Whether I have to give intimation to service tax department for selection of transitional provision, if I select option 2.
Whether I have to give intimation to service tax department for selection of transitional provision, if I select option 2.
02 September 2011
Prior intimation is not mandated. However, I anticipate changes in ST-3 which is yet to be known.
02 September 2011
When your turnover is not more than 10 lacs then why you have charged the ST. If you have collected then you are bound to pay it. Anyhow, sooner the better pay it immediately.
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