late payment

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Querist : Anonymous

Querist : Anonymous (Querist)

26 July 2010 please tell me that wt is the late payment charge & late return charge under the service tax

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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26 July 2010 Penalty for late filing of Service Tax return is Rs.2000/-

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Aditya Maheshwari

Aditya Maheshwari (Expert)
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26 July 2010 Delay in payment of service tax, including a part thereof, attracts simple interest in terms of section 75 of the Act. The rate of interest is as prescribed from time to time, in accordance with this section. At present, the rate of interest is 13% per annum (notification No. 26/2004-ST, dated 10.9.2004).

Further, failure to pay service tax also attracts a penalty under Section 76 of the Act, which shall not be less than Rs 200 for every day during which such failure continues or at the rate of 2% of such tax per month, which ever is higher, starting with the first day after the due date till the date of actual payment of the outstanding amount of service tax. However, such penalty would not exceed the service tax payable.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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26 July 2010 Rate of Interest from 10/9/2004 to till date - 13% .

and for late return visit this link
https://www.caclubindia.com/experts/late-filling-of-service-tax-return-438495.asp

Aditya Maheshwari

Aditya Maheshwari (Expert)
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26 July 2010 The fee for delayed filing of a return up to 30 days from the prescribed date of filing return—for the half year ending September 30, the return is to be filed by October 25—is Rs 1,000 and beyond such period is Rs 100 per day subject to a maximum levy of Rs 2,000.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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26 July 2010 AGREE WITH THREE EXPERTS.
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