Avanish Soni ( ) (47 Points)
13 October 2009My client has provided services in Ist quater of FY 09-10 for rs. 9,97,350 against , so his service tx payable is RS 1,02,727, he has a input credit of rs. 87516 Rs for same quater ,
My questin is Intest for late payment will be provided for whole amount i.e. 102727 or balance amount i.e.15209.
thanks for ur replies
Yatish Shetty
(Articled Assistant)
(30 Points)
Replied 14 October 2009
Simple Interest @ 13% p.a. will be levied on the balance amount of Rs.15,211/- i.e after adjusting the credit for input service of Rs.87,516/-.
Gautam Joshi
(Partner)
(361 Points)
Replied 14 October 2009
Hi Avanish,
Calculate in a MS Excel Sheet like this -
Total Output Liability
Less: Total Input Service during the year
= Net ST payable
Interest will be on "Net ST Payable" @ 13% multipying by the days of delay.
Mr. Yatish is all correct.
CAclubindia
