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
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.