Dear All,
What will happen if i do not pay interest on service tax.
Please suggest.
CA Sujeet Kumar
(Self-Practice)
(738 Points)
Replied 23 June 2016
Notice will be issued subject to condition
CA Saurabh Singh
(Practising Chartered )
(974 Points)
Replied 24 June 2016
Hi Soumya
Penalty under Section 76 of Finance Act, 1994 can be imposed for delay in payment of S.Tax. However, Section 80 of Finance Act, 1994 provides that no penalty shall be imposed Section 76, if the assessee proves that there was reasonable cause for the delay in payment.
Arun Kumar Singh
(GST Advocate)
(15220 Points)
Replied 24 June 2016
It will come to the notice of department then you need to pay.
EKALABYA TALUKDAR
(SERVICE TAX CONSULTANT)
(666 Points)
Replied 24 June 2016
INTEREST RATE IS 18%, PAYABLE DAYWISE,
BUT FOR KIND INFORMATION PAYMENT OF INTEREST IS VERY TAUGHT TO INSERT IN THE ST-3 RETURN
BETTER FOR SMALL AMOUNT AVIOD IT.
karan
(Company Secretary and Head Accounts in employment)
(25 Points)
Replied 24 June 2016
If you dont pay it now,
You will have to pay at the time of audit. Its better to pay at the time of payment of service tax
CA Ankit sachdeva
(Self- Practice)
(35 Points)
Replied 25 June 2016
CA shanky pahoja
(accountant)
(615 Points)
Replied 25 June 2016
`INTEREST ON DELAYED PAYMENT OF SERVICE TAX IS 18% FOR FIRST 6 MONTHS, 24% FOR NEXT 6 MONTHS AND 30% AFTER THE END OF 1 YEAR FROM THE RELEVANT DATE
IF TOTAL RECEIPT WERE LESS THAN 60 LACS IN P.Y. THAN ALL INTEREST WILL BE REDUCED BY 3%. AND PAYMENT OF INTEREST IS NECESSARY FOR FILLING RETURN.
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