I pay service tax on GTA services. Sometimes I pay local transporters in cash at factory. Now Iwant to know what is the treatment of service date with interest on late payment. Suppose I paid local transporter a sum of 20000 on 1.10.2015 and I passed the entry as
carriage charges Dr. 20000
To cash at factory 20000
Now what is the service tax amount to b e paid and what will be the due date for interest calculation? Does interest on late payment calculate on monthly basis or day-to-day basis??
please answer me as per latest ammendments.