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TMI BlogCALCULATION OF INTEREST ON DELAYED PAYMENTX X X X Extracts X X X X X X X X Extracts X X X X ..... What is the rate of interest on delayed payment if we paid service tax for the month of March-2016 on 10.09.2016 - Reply By KASTURI SETHI - The Reply = Sh.Arora Ji, Peruse Notification No.12/14-ST dated 10.7.14 with Notification No.13/16-ST dated 1.3.16 effective from the date of enactment i.e. 14.5.16 - Reply By CS SANJAY MALHOTRA - The Reply = Endorsed views of Sh, Kasturi ji. Hopef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ully the service tax payable for Mar'16 has not been shown in the Service Tax Return submitted for period Oct'15-Mar'16. - Reply By Ganeshan Kalyani - The Reply = Sir, the rate of interest is reduced to 15%. Thanks. - Reply By CS SANJAY MALHOTRA - The Reply = Sometimes assessee submits the return correctly shown the service tax as payable and deposits service tax later on to avoid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... penalty on account of suppression, then the interest is to be paid @ leviable on the date of debit / payable entry. - Reply By KASTURI SETHI - The Reply = Yes Sir. It means both Notifications are relevant for the party. - Reply By Venkata prasad Pasupuleti - The Reply = For the delay upto 14.05.2016 - Rate is 18% For the delay after 14.05.2016 - - 15% if unpaid service tax was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not collected from customer - 24% if unpaid tax collected from customer but not paid - Reply By Ganeshan Kalyani - The Reply = Sri Venkata ji, welcome to TMI. My query to you is - if the short payment of service tax pertaining to last year is pointed out by auditor in this month, then whether interest rate of that period to be followed or the interest rate prevailing currently ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... would apply. Awaiting for your reply. Thanks. - Reply By CA Venkata prasad Pasupuleti - The Reply = Dear sir, Interest rate shall be applied as existed during the delayed period and the delay may be for whatever reasons (i.e. voluntarily delayed or known only after pointing out by auditor etc.,). in the given case, delay is continuing from Mar' 16 at that time interest rate is 18% (since d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elay 6M) and new interest rate is made effective from 14.5.16 and not prior to that. - Reply By MARIAPPAN GOVINDARAJAN - The Reply = The views of Venkata Prasad are correct. - Reply By Ganeshan Kalyani - The Reply = Keep it up Sri Venkata Ji. And thanks for your reply. - CALCULATION OF INTEREST ON DELAYED PAYMENT - Query Started By: - PARVEEN ARORA Dated:- 10-9-2016 Service Tax - Got 10 Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plies - Service Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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