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Interest over service tax.

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 July 2012 Someone please tell me that how can i calculate interest over service tax if i fail to deposit before due date..will interest be calculated yearly or monthly or day wise????

thanking u..
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
18 July 2012 Service tax interest rate is 18% per annum - can be calculated as day basis

ref:NOTIFICATION NO. 14/2011-SERVICE TAX, DATED 1-3-2011
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Querist : Anonymous

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Querist : Anonymous (Querist)
18 July 2012 so u mean to say that if service tax amount is rs.10000 thousand interest would be rs.1800??? as per yearly interest rate..?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
18 July 2012 yes.. correct

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