Service tax payment
This query is : Open
26 February 2016
sir plz any one help me in this regard... one of my frnd is a work contractor and got registered in service tax act..and fileing a return regurallt. but by oversight he has filed a halfyearly return as nill but there was some services in the month of April, May, June, July, Aug, Sep, Oct and Nov for which he has to pay service tax but he was not noticed at that time, but now he realize that he has to pay service tax for redpective said month...the total service tax due is around Rs 50000/- is there since APRIL 2015 TO TILL DATE. BUT HE HAS ALLREADY FILE A HALF YEARLY RETURN AS NILL IN OCT 2015. now shall he do plz guide in this regard..
26 February 2016
Since 90 days have filed since the ST - 3 was filed, it is not possible to revise it. Now the assessee should pay the Service Tax along with the interest at prescribed rates till the date of payment. A letter explaining the lapse along with the paid challans should be submitted to the Range Superintendent of Service Tax. In the ST - 3 for the second half year, the payment of earlier taxes should be shown in the relevant columns as arrears paid. This would absolve assessee of any blame of suppression / evasion.
26 February 2016
you are most welcome
01 March 2016
good morning sir, sir can u plz tell me that how much should i pay if my service tax is payable about Rs 60000/- since second qtr to till date...
01 March 2016
In case of individuals the service tax is payable quarterly on the 6th of the month following the quarter. Since less than 180 days have elapsed since 6th October 2015, the calculation of interest payable is as under (assuming the tax will be paid on 5th March 2016) :
For the second quarter July to September 2015 = Service Tax Payable x 18%/365 x 151
For the third quarter October to December 2015 = Service Tax Payable x 18%/365 x 59
The Service tax due for the months of January and February 2016 is payable along with the tax due in March 2016 on 31st March 2016. Hence there is no interest payable.
In case the assessee is a partnership firm / body corporate / others then the tax is payable monthly on the 6th of the subsequent month. In that case the number of days for interest payable will increase.
For the month of July 2015 there will be two rates applicable : 18% for 182 days & 24% for 30 days (total 212 days).
From August 2015 onwards the number of days is as under and the rate of interest is 18%:
August 2015 181 days
September 2015 151 Days
October 2015 120 days
November 2015 90 days
December 2015 59 days
January 2016 28 days
February 2016 no interest
For the second quarter July to September 2015 = Service Tax Payable x 18%/365 x 151
For the third quarter October to December 2015 = Service Tax Payable x 18%/365 x 59
The Service tax due for the months of January and February 2016 is payable along with the tax due in March 2016 on 31st March 2016. Hence there is no interest payable.
In case the assessee is a partnership firm / body corporate / others then the tax is payable monthly on the 6th of the subsequent month. In that case the number of days for interest payable will increase.
For the month of July 2015 there will be two rates applicable : 18% for 182 days & 24% for 30 days (total 212 days).
From August 2015 onwards the number of days is as under and the rate of interest is 18%:
August 2015 181 days
September 2015 151 Days
October 2015 120 days
November 2015 90 days
December 2015 59 days
January 2016 28 days
February 2016 no interest
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