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POT RULES - REVERSE CHARGE

Service Tax - Started By: - SARVESH BANSAL - Dated:- 4-5-2016 Last Replied Date:- 6-5-2016 - Dear SirWe had received bill from transporter pertains to Dec 15 & Jan 16 and their payment is made on April 16. We are paying Service tax on GTA under reverse charge.As we had liable to pay interest , in case of reverse charge point of taxation is date of payment. Further, in case payment is not made within a period of three months the point of taxation shall be the date immediately following period .....

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. - Reply By KASTURI SETHI - The Reply = SH.SARVESH BANSAL JI, Whether rate of interest is at the rat of 15% or 18 % ? We have to calculate a period of three months (calendar year-wise and month-wise) First instance Period three months Date of bill 15.1.16 date of payment of ST 16.4.16 Delay : Jan.,16 = 17 days Feb.,16 = 29 days Mar.,16 = 31 April, 16 =15 Total =92 days Allowed =91 days Delay = 1 day Since delay is in April,16 Rate of Interest @ 15%Second InstanceDate of bill : 7.12.15 Date of p .....

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period of delay prior to 1.4.16. - Reply By KASTURI SETHI - The Reply = Sh.Ganeshan Kalyani Ji, You are right Sir. In Service Tax rate of interest has been reduced to 15% vide Notification No.13/16-ST dated 1.3.16 but it shall come into force from the date of enactment. However, in Central Excise rate of interest @ 15% is effective from 1.4.16. Sh.Sarvesh Bansal, querist is requested to follow the rate of interest @18% as advised by Sh.Ganeshan Kalyani, Sir. Interest rate under Section 75 of the .....

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