Penalty on later deposit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 April 2015 Is any penalty payable on late filling of service tax?

In challan (already deposited, their is some excess amount)we have given break up as service tax , cess and she tax. is it necessary to mention INTEREST in challan.

this is in continuation of query referred here:
https://www.caclubindia.com/experts/interest-and-penalty-for-late-payment-for-service-tax-2056159.asp

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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24 April 2015 Yes penalty also applicable u/s 76.

Any person liable to pay service tax who fails to pay such tax, shall pay in addition to such tax and interest, a penalty being higher of Rs.100 per day or 1% of such tax per month, for the period of due date till the date of payment.

However, the total amount of penalty shall not exceed 50% of service tax payable.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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24 April 2015 Yes penalty and interest should be deposited separately as there is separate code for this.

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