tme s limted,bt drms r unlmtd (Mba ( fin.) Ca final Student) (257 Points)
30 March 2014One of my friend having prop firm gave bill on 31/03/2013 of which payment is still pending ,but after 01/-4/2012 service tax should be paid on invoice basis as its turnover is above 50 lakh
but my friend has not deposited the service tax, can we pay tax now with interest and how to show this transaction on oct to march 2014 return .
pls reply
rgds
kk
MJ Krishnamurthy
(ACCT(Retd))
(7197 Points)
Replied 30 March 2014
First point is what is the service of your friend's firm and whether it is taxable or not is to be confirmed. Second if it is taxable and he has not filed the returns and paid ST ,he has to do it now. He has to add interest @ 1.5%/pm on each delayed payment.His being a proprietory firm quarterly payment of ST,within five days after the end of the quarter,has to be done. This has to be done online. Visit the web site www.cbec.gov.nic.in, click Service Tax,and then e-payment. You will get a form, fill it up and make payment on line or request your banker to make this payment by issuing a cheque and a letter to him.......mjk
RAVITOSH KUMAR
(Executive)
(324 Points)
Replied 02 April 2014
Dear all,
If we missed out to pay service tax on some amount and the return has already been filed for the relevant period and 90days time limit has expired for revision.
Now, please suggest what needs to be done after we have paid service tax on the amount missed earlier, as the return is not available for revision in such a case.
CAclubindia
