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E-payment of service tax is compulsory w.e.f. 01.10.2014

CMA. CS. Sanjay Gupta ("PROUD TO BE AN INDIAN") (114225 Points)

02 October 2014

From 01.10.2014 Every assessee shall electronically pay the service tax payable by him, through internet banking.

See attached Notification No. 9/2014- Service Tax dated: 11.07.2014

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13 Replies

@VaibhavJ (Believe!! Live your dreams!) (33516 Points)
Replied 02 October 2014

Very useful, thanks for sharing..

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Deepak Gupta (CA Student) (15922 Points)
Replied 02 October 2014

In case of delayed payment of service tax, revised rates of simple interest p.a., w.e.f. 01.10.2014.
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- Notified vide Notification No. 12/2014-ST, dated 11.07.2014 in pursuance of the announcement made by Finance Minister in Budget 2014-15.
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Sl. No.	Period of delay	Rate of simple interest
1.	Up to 6 months	18%
2.	More than 6 months and up to 1 year	18% for the *first 6 months* of delay, and . 24% for the delay *beyond 6 months*
3.	More than 1 year	18% for the *first 6 months* of delay . 24% for the period *beyond 6 months up to 1 year, and . 30%* for any delay *beyond 1 year*

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Note:
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-> As specified in the proviso to section 75, 3% concession on the applicable rate of interest will continue to be available to the small service providers, i.e. assessee having turnover not exceeding Rs. 60 lakhs during the preceding financial year or during any of the financial years covered by the notice.
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-> It is pertinent to highlight here that the aforesaid time limits have been prescribed on monthly basis whereas interest is required to be computed on per day basis.
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For service tax delayed payment interest calculator w.e.f. 01/10/2014

- Click Here

1 Like

CA Mansi Kotecha (Keep Smiling !!) (6890 Points)
Replied 02 October 2014

Thnx for sharing !!

CA Devanand Jethanandani (CA) (8003 Points)
Replied 02 October 2014

Thanks for sharing this useful update Sanjayji...

Tarachand Somjani (Article) (21 Points)
Replied 02 October 2014

Thanks for sharing......

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satyanatayana mahapatra (operation exe) (56 Points)
Replied 02 October 2014

Its ok sir If it is below 6 month then what.. Pls advise me.. Satyanarayana Jr Accountant

S Suresh Babu (12 Points)
Replied 02 October 2014

useful info. tx for sharing.

M B Kataria (Proprietor) (24 Points)
Replied 02 October 2014

Posted at apt time. Thanks for sharing.

Atul M (aaa) (729 Points)
Replied 02 October 2014

Good Evening Sir

Atul M (aaa) (729 Points)
Replied 02 October 2014

Dear Sanjay sir, kindly give a format of Letter and Resolution for given details as follows:- 1) Received letter from RBI that we observed from Balance sheet that your company's financial asset come down below 50% of Total Assets. However you have not yet approached us with a fresh request for cancellation of certificate of Registration ( COR ) issued by bank. you are advised to offer your comments explanation in this regards. 2) Submit fresh board resolution approving voluntary deregistration of CDR issued and another resolving not to conduct any NBFI activity in future without prior permission of Bank.