Service tax interest
This query is : Resolved
28 February 2015
Our company has not paid service tax from 01.04.14 till date due to certain cash crunch. We want to pay it as on 6th march 15. How should we calculate?
28 February 2015
add interest and stax return late filing penalty to your service tax liability and pay!!
interest for late payment : from the due date of payent to till date of payment ( day wise
rate of interest : 15 % ( if turnover in last fy was below 6 lacs) else 18 % p.a.
interest for late payment : from the due date of payent to till date of payment ( day wise
rate of interest : 15 % ( if turnover in last fy was below 6 lacs) else 18 % p.a.
28 February 2015
its 60 lacs ..by mistake wrote as 6
28 February 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.
Message likes :
1 times
28 February 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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Is online PGCE worth it?
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
