Interest on Advance Receipts, VAT + CST

[MUNIRAJ SRINIVASAN]

Dear Sir,

I need clarification that Works Contract delay payment of tax for Advance receipt is interest is applicable ? kindly explain legal procedure ?

Posts / Replies

[MARIAPPAN GOVINDARAJAN]

Once the bill is issued the service tax raised in that invoice is liable to be paid whether the same amount has not been received or not within the time stipulated in the Rules. If there is a delay in payment interest is liable to be paid from the date of due to the date of payment.