We have missed paying service tax for 4 last year in the month of April 2015. What would be the Penalty and could any please let me know how much i would need to payment. Is the penalty for each bill? or something else?
11 May 2016
Following Interest and penalty will be applicable for non payment of service tax:
Interest : 18 percent for the first six months of delay; 24 percent for period beyond six months up to one year; 30 percent for any delay beyond one year. 3 percent interest rate concession allowed u/s 75 shall be allowed to specified small service providers.
Penalty : As per the new provisions. Late payment of service tax attracts a non discriminatory minimum penalty of 10% of service tax liability. In case of fraudulent attempt to evade or make late payment of service tax, a maximum penalty of 100% of service tax liability is applicable.
Abhishek Ranjan Singh ARS Solutions www.arssolutions.co.in +919022838615
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