Service Tax is an indirect tax paid by a service receiver to the government on or before 5th day of the month following the quarter for which service tax is payable with the exemption for the quarter ending march to be paid on or before 31st of March. The rate of interest for delayed payment of service tax is 13%. Supposed you failed to pay your service tax of 15,000.00 for the month of June. What is your interest liability if you remember to pay it only on the 30th of July?
Service Tax is an indirect tax paid by a service receiver to the government on or before 5th day of the month following the quarter for which service tax is payable with the exemption for the quarter ending march to be paid on or before 31st of March. The rate of interest for delayed payment of service tax is 13%. Supposed you failed to pay your service tax of 15,000.00 for the month of June. What is your interest liability if you remember to pay it only on the 30th of July?
Chapter11: The Corporate Income Tax
Section: Chapter Questions
Problem 11MCQ
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Service Tax is an indirect tax paid by a service receiver to the government on or before 5th day of the month following the quarter for which service tax is payable with the exemption for the quarter ending march to be paid on or before 31st of March. The rate of interest for delayed payment of service tax is 13%. Supposed you failed to pay your service tax of 15,000.00 for the month of June. What is your interest liability if you remember to pay it only on the 30th of July?
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