please guide us for GTA service Tax Payment Accounting code & Interest calculation. as per below example.
Transport Charges Rs.10000/- Taxable Amt. Rs.2500/- (25% of Rs.10000/-) Basic S T Rs.300/- (12% on Rs.2500/-) Edu. cess Rs.6/- (2% on Rs.300/-) H.Ed.Cess Rs.3/- (1% on Rs.300/-)
then we have calculate interest Amt. on Rs.300+6+3=309/-@18% as per delay days. Is it right ? OR we have calculate interest amount separately on each item as Rs.300/-, Rs.6/- & Rs.3/- ???
and tell us accounting code for above. Thanks in advance.
24 January 2013
You have to pay the interest seperately i.e. for service tax interest code is 00440291, for Edu.Cess code of interest is 00440299 and for s&hec code is 00440427
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