Service tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 June 2013
what is the penalty amount for late payment of service tax
04 June 2013
The interest rate is 18% per annum is payable for late payment of Service Tax.
For the assesses having less than 60 lakh Taxable Service, interest rate is @ 15%.
And penalty for late tax payment is Rs.100/- for each day or 1% of tax whichever is higher (Total amount of penalty shall not exceed 50% of tax payable).
For the assesses having less than 60 lakh Taxable Service, interest rate is @ 15%.
And penalty for late tax payment is Rs.100/- for each day or 1% of tax whichever is higher (Total amount of penalty shall not exceed 50% of tax payable).
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 June 2013
I just read & got to know that the amended penalty is Rs.200/day & 2% of tax whichever is higher(total amount of penalty shall not exceed the tax payable).
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