Dear Friends
Plz help me out, i am looking for Present service tax rates and ST payment due dates, kindly help.
Regards
Bob
Ashish Kedia
(CA)
(737 Points)
Replied 19 January 2012
The present effective rate of service tax is 10.3%. However you may be entitled to a discounted/ abated rate depending on the service provided by you.
Companies are required to make monthly payments & Due date for payment in case of companies is 5th of the following month or in case of online payment 6th of the following month.
Due date for payment in case of persons other than companies is 5th/ 6th of the month following the quarter, as they are required to make quarterly payments.
Payment is to be made compulsorily online if liability is more than 10 lacs. Interest for delay is 18% pa.
Returns are to be filed half-yearly.
However, pls note, Due date of filing in case of half year ended 30th September, 2011 has been extended to 20-Jan-2012. Penalty for late filing is INR 500 for first 15 days, INR 1000 for first 30 days and 100 per day from 31st day subject to max INR 20,000/-
Naveen C. Bisht
(Tax Consultant)
(71 Points)
Replied 27 January 2012
yes i m agree with Ashish kedia
Maneesh Kumar
(B.Com M.Com STUDENT CWA IPCC)
(507 Points)
Replied 28 January 2012
The present effective rate of service tax is 10.3%. However you may be entitled to a discounted/ abated rate depending on the service provided by you.
Companies are required to make monthly payments & Due date for payment in case of companies is 5th of the following month or in case of online payment 6th of the following month.
Due date for payment in case of persons other than companies is 5th/ 6th of the month following the quarter, as they are required to make quarterly payments.
Payment is to be made compulsorily online if liability is more than 10 lacs. Interest for delay is 18% pa.
Returns are to be filed half-yearly.
However, pls note, Due date of filing in case of half year ended 30th September, 2011 has been extended to 20-Jan-2012. Penalty for late filing is INR 500 for first 15 days, INR 1000 for first 30 days and 100 per day from 31st day subject to max INR 20,000/-
CA SANJEEV KUMAR MAHAJAN
(MANAGER FINANCE TAXATION & ACCOUNTING)
(69 Points)
Replied 01 February 2012
Service Tax Rates w.e.f. 24-2-2009 is 10.3% inclusive of Ec and Shec.
However,if an organisation is providing taxable and non taxable services then as per Rule 6(3) there is option to pay service tax @ 6%(5% prior to april 2011) plus EC and Shec of exempted services (including non taxable services ) as per option a or follow option( b) as per utilisation of cenvat Credit rule 6(3A) if seprate books of accounts is not prepared.
Further, in case in case of service provided by airline tickets service taxes has to be paid as per service charges on base fare ie. 0.60% of base fare in case of domestic fare and 1.2% in case of international fare .
Further, for sale or purchase of foreing currency we.f. 01.4.2011 service tax to be charged as follow
a) .1% of grross amt of curency exchanged for an amount upto rupees 1 Lac. subject to minimum rs 25
b) Rs. 100 and 0.05% of the gross amt of currency exchanged for an amout of rupees exceedign rupees 1 Lac and upto 10 L. and
c) rupees and 0.01 % of the gross amount of currency exchanged for an aout of rupees exceeding 10 lakh subject to rupees 5000.
Service tax payment dates w.e.f 01.4.2005 ( before Point of Taxation Rule 2011). Service tax becomes payable by 5th/6th of the following quarter in case of individuals/Proprietorships/Partnership firms.while in case of other service providers it become payable by 5th/6th of of the following month.
After Point of taxation rule 2011.: as above except month/quarter has to be consider, when seriv is deemed to be provided.
Note 6th day is required if Service tax paid in previous Fy was 10 Lakh or more and it become mandatory to pay service tax through e challan via ACES. in other cases assesees has option to pay eservice tax till 6th.
In some cases abatement or discount is available in respect of the value of taxable service on which sevice tax has not to be calculated example in case of rent a cab category of serives 60% value of service is abated and on rest of the value of taxable serivces service tax is calutated. similarly in case of constuction etc serives abtement is available. For penality, interest i agree with Maneesh
Warm regards
Sanjeev Kumar Mahajan
9911700517
casanjeevkmahajan @ gmail.com
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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