Interest on service tax payment.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 October 2012 Hi... i want conform that,

My Sept'12 service tax liability is Rs.13635/- which due date is 5/6 Oct'12
but i deposit service tax on 8 Oct'12. for interest on service tax how many days i will count. is Rate of Interest is 13% p.a or any changes.

Arun Kumar Singh

Arun Kumar Singh (Expert)
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08 October 2012 Interest will be 18% per annum. you have to pay interest for 3 days only.

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Pankaj Gupta

Pankaj Gupta (Expert)
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08 October 2012 In addition to interest@18% for 3 days u/s 75, penalty u/s 76 shall also be paid. Penalty will be Rs 100 per day for 3 days ie 300 Rs.

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Arun Kumar Singh

Arun Kumar Singh (Expert)
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08 October 2012 Dear Mr. Pankaj,
If you have to pay duty with interest, penalty can not be imposed.

Nishant

Nishant (Expert)
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08 October 2012 Rate of interest on delayed payments will be 18% p.a. in case your receipts in the previous year exceeds Rs 60 lacs in the previous year, else the rate of interest is 15% p.a