Interest on service tax
This query is : Resolved
07 April 2015
Hello, I nned to pay service tax for a Private limited company
Turnover :20 Lakhs
Service Tax payable:
OCTOBER 14 15,907
NOVEMBER 14 10,790
DECEMBER 14 9,418
JANUARY 15 10,308
FEBRUARY 15 11,334
MARCH 15 16,784
Date of payment: 08-04-2015
Can u Please help me with the interest to be paid
Turnover :20 Lakhs
Service Tax payable:
OCTOBER 14 15,907
NOVEMBER 14 10,790
DECEMBER 14 9,418
JANUARY 15 10,308
FEBRUARY 15 11,334
MARCH 15 16,784
Date of payment: 08-04-2015
Can u Please help me with the interest to be paid
07 April 2015
With effect from October 2014, if the delay is....
up to 6 months - 18% P.A
From 6 Months to 1year- 24% P A
More than 1 year - 30% p A
up to 6 months - 18% P.A
From 6 Months to 1year- 24% P A
More than 1 year - 30% p A
07 April 2015
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.
07 April 2015
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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