Interest on late payment of service tax
This query is : Resolved
04 November 2016
Dear Experts,
Kindly tell me the Rate of Interest on Late payment of service tax and I want to know weather the Interest is to Imposed on Total Service tax payable Before Adjustment of cenvat Credit or After Adjusting Cenvat Credit and Weather to calculate the Interest on service tax and cess combined or for the service tax amount alone. Thanks in Advance
Kindly tell me the Rate of Interest on Late payment of service tax and I want to know weather the Interest is to Imposed on Total Service tax payable Before Adjustment of cenvat Credit or After Adjusting Cenvat Credit and Weather to calculate the Interest on service tax and cess combined or for the service tax amount alone. Thanks in Advance
04 November 2016
HI,
From 2016-17 on wards:- Interest rate on delayed payment of of service tax is uniform at 15%, but in the case of Service Tax collected but not deposited to the government will be 24% from the date on which the Service Tax payment became due.
Interest liability will be calculated after set off of input credit, and Interest is calculated on total ST liability ( including ST, Cess)
Raghavendra
From 2016-17 on wards:- Interest rate on delayed payment of of service tax is uniform at 15%, but in the case of Service Tax collected but not deposited to the government will be 24% from the date on which the Service Tax payment became due.
Interest liability will be calculated after set off of input credit, and Interest is calculated on total ST liability ( including ST, Cess)
Raghavendra
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04 November 2016
IF TURNOVER/ RECEIPTS IS GREATER THAN 60 LACS THEN 18% OTHERWISE 15% P.A. INTEREST TO BE CALCULATED DAY WISE.
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05 November 2016
Thanks For Your Clarification Sir..
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