Service tax query!!
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 November 2011
from 1-July Service Provider is required to deposit ST on accrual basis,but one of the SP providing services of Event Mgmt, deposited ST on receipt basis, now he is required to deposit on Accrual basis & Interest is mandatory or not??
What is the Interest rate??
What is the Interest rate??
12 November 2011
Interest is mandatory. Rate of interest is 15% for the number of days delay if annual turnover does not cross Rs. 60 lakhs.
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 November 2011
In case ST already deposited on receipt basis,but as per POT rules,event manager is required to calculate ST from July-SEP & Deposit balance with Interest or may continue on receipt basis as challan already deposited??
12 November 2011
In your case, event manager is required to pay service tax on accrual basis immaterial of the fact that by mistake you have deposited tax on receipt basis.
You are also required to pay interest if the date of receipt of payment is later than date of accrual of service. Rate of interest is 15% or 18 % as the case may be.
You are also required to pay interest if the date of receipt of payment is later than date of accrual of service. Rate of interest is 15% or 18 % as the case may be.
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