The company has a liability of Rs 13lacs as Service Tax and cess. Later it was found that interest of rs 75000 was also applicable. The company has made a total payment of 14lacs as service tax and cess thus leading to 1 lac as excess payment. Can that 1 lac be adjusted against the 75000 interest or Rs 75000 will have to be paid seperately as interest??????
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Setting off interest
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Interest should be paid on the head of interest part.
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