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of <h1>Interest on Delayed Service Tax: Section 75 Clarifies Monthly Calculation for Short Delays.</h1> The circular clarifies the interest calculation on delayed service tax payments to the government. According to Section 75 of the Finance Act, 1994, a simple interest of 1.5% per month is charged for delays. If the payment due date is the 15th or 25th of a month and payment is made on the 1st of the following month, the delay is considered 16/17 or 6/7 days, respectively. The circular specifies that interest should be charged for only one month, calculated from the 16th/26th of one month to the 15th/25th of the next month.
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