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Service tax applicability in case of rent (Service Tax)

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This query is : Resolved


( Author )
27 November 2007

I wanted to know the date on which service tax is appicable in case of rent, and the company has registered to service tax on 14.02.07 but they have not remitted any service tax till july but from july the remmittances are done, whether there is any penalty towards this and the date remittance to be started from 14.02.07 or there is any time lag for the payment? and if there is any excess amount paid whether can we claim refund for the same?


R.V.RAO

( Expert )
27 November 2007

EFFECTIVE FROM 01-06-2007, RENT ON COMMERCIAL PROPERTY IS TAXED UNDER SERVICE TAX ACT.
EXCESS PAID CAN BE SET OFF FROM FUTURE REMITTANCES,AFTER DULY INFORMING THE SERVICE TAX DEPT. IF NOT ALLOWED , YOU MAY APPLY FOR REFUND INSTEAD OF SET OFF.
ONLY WHEN THE THRESHOLD LIMIT OF SEVEN LAKHS PER ANNUM IS REACHED, YOU ARE LIABLE TO REGISTER UNDER SERV. TAX ACT AS A SERVICE PROVIDER.
BUT REGISTERED OR NOT IF WE HAVE COLLECTED SERV. TAX ON BEHALF OF GOVT., WE NEED TO DEPOSIT THE SAME.WE CANNOT REFUND TO THE PAYER.
EVEN HALF YEARLY RETURNS ARE TO BE FILED.
FOR NON PAYMENT OF SERV. TAX DUE, APART FROM SIMPLE INTEREST OF 13 % P.A, THERE IS A FINE WHICH CAN BE LEVIED UPTO RS. 200/- FOR EVERY DAY OF DELAY.
FOR COMAPNIES, THE TIME LIMIT IS TO PAY BY 5 TH OF NEXT MONTH FOR SERV. TAX COLLECTED DURING THIS MONTH.
FOR INDIVIDUALS THE TIME LIMIT IS 5 TH OF THE MONTH AFTER EACH QUARTER .
FOR MARCH MONTH ALL ASSESSEES HAVE TO DEPOSIT BY 25 TH MARCH.
R.V.RAO


Dayal

( Expert )
28 November 2007

You have not stated the period of service provided by you.

The service on Rent on commercial property has been introduced from 01/06/2007

There is an abatement of property tax on proportionate basis that you can claim.

If in the previous financial year your company has not exceeded the threshold limit of 8 lacs from taxable services than it can claim the SSI benefit, if not then the previous dues have to be paid with interest



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