Intererest payabel under service tax is @ 18% p.a.so interest calucalation is number of days delayed or number of months.
suppose the due is on 31 macrh 2013 and payment is on 15 apr 2014 so numner of days delayed is 15 days but in case of per month is doubled,
i wanted to understand it is per day or per months
Dear basavaraj, under service tax, interest is payable on days basis....
Amount*18%*late days/365
Agreed with Mr. Saloni.
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