Person has not paid service tax from f.y. 2009-10, he is earning income from rent.. He wants to calculate service tax on todays date with interest and penalities...so pls. help me to calculate his final liabilty of service tax for f.y. 2009-10, as that time service tax was charged on receipt basis. he issued bills in the last month so shall i calculate interest only from last month or from f.y.2009-10 in which service has been completed... as from 1.07.2011 point of taxation has come into effect..please guide me further.
3 Replies
VIKAS.A
(SOMETHING IS BETTER THAN NOTHING)
(1095 Points)
Replied 21 January 2013
TO PAY SERVICE TAX, THE RECEIPTS SHOULD EXCEED 10LAKHS THEN ONLY LIABILITY OF SERVICE TAX EXISTS
diksha mittal
(0)
(61 Points)
Replied 22 January 2013
yes i know this....tell me about the interest from which date i shall charge interest and what will be the rate of interest whether it will be of current rate of interest ???
VIKAS.A
(SOMETHING IS BETTER THAN NOTHING)
(1095 Points)
Replied 22 January 2013
assumption if the amount is received in f.y.09-10 then the interest rate is 13% p.a from the date of receipt,
even penalty should be paid,if the amount received in last month no need of paying interest just pay the service tax,
if returns are not filed then again penalty may be levied according to 7c
note:i am not sure please verify in this regard
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