If service tax amount not paid for the Q1 and Q2 , then what are penal consequences.????.
Dilip Darji
(392 Points)
Replied 13 October 2009
Dear Sir.
As per Rule 6 of Service Tax Rules, 1994, Service Tax to be paid 5 th (6 th in case of electrocic payment) of the month immediately following the calender month in which payments are received towards value of taxable services.
As per Section 76, any person who fails tpo pay tax, shall pay, a penalty which shall not be less than Rs.200/- for every day during which such failurecontinues Or @ 2 % of such tax, per month, which ever is higher, starting with the I st day after due date till actual payment.
Interest under Section 75 is also payable towards delayed payment of Service Tax.
DILIP DARJI.
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