11 June 2009
What is the due date for payment of Service Tax? if failed in the due date what is the rate of interest? after the due date what is the time limit for payment of service tax with interest without penalty. or both applicable interest+penalty?
11 June 2009
Due date for payment of service tax is 5th of the next month in case of companies and 5th of every quarter in case of other than company and in respect of March quarter/month 31st March. If epayment of service tax is made then 6th of next month / quarter but for March - 31st March. If not paid within due date then interest @ 13% p. a. leviable from the due date till the date of payment of service tax
11 June 2009
For non payment or delayed payment of service tax, as per section 76, a mandatory penalty not less than Rs.200/- per day during which such failure continues or @2% of such tax per month, whichever is higher, shall be imposed by the adjudicating authority. If the service provider proves that,in reply to the SCN, there was sufficient cause for such failure penalty will be waived u/s 80 of the Finance Act,1994.
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