As we all know that with effect from 01.10.2014 rate of interest on delayed payment of service Tax has been revised based on delay and Turnover  in Payment of service tax vide Notification No. 12/2014 dated 11.07.2014. To make the calculation of Interest on delayed payment of Service Tax Easy we have created a Calculator in Excel by which Readers can calculate Interest on delayed Service Tax Payment. All our readers have to do after downloading the sheet is to fill Turnover of last financial year, Service tax payable amount, swachh bharat cess payable , due date and payment date, interest will come automatically.

Download Automatic Service Tax Late payment interest calculator

It may be noted that:

1) 3 percent interest rate concession allowed u/s 75 shall continue to be allowed  to Assessee whose  value of taxable services provided during the last preceding financial year does not exceed sixty lakh rupees.

2) This rate structure will not be applicable to VCES cases as interest @ 18% p.a. is payable under the scheme which ends on 31 December, 2014

3) The rate of interest is simple interest per annum

4)  New interest rate will be operational only on or after 1 October, 2014. Upto 1.10.2014, rate of interest @ 18% p.a. will continue to apply.

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Category : Service Tax (3162)
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  • NARESH CHANDRA

    Dear Sir,
    If the due date of service tax is 06/07/2013 and actual date of payment 14/07/2016 than what rate of interest is applicable, taxable turnover is more than Rs. 60 Lac for each financial Year.
    Thanking You.

  • GOLDY

    SIR, BY DEFAULT WE SUBMIT SWACH BHARAT CESS & KRISHI KLYAN CESS 5% INSTEAD OF 0.5%