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Service tax - can i pay last year service tax in current yea

amarnath.k (Accountant) (35 Points)

03 June 2016

Dear Sir,

Can i pay service tax regarding last year ended with 31.03.2016, we already filed the ST3 retuns for the year 2015-16.Please suggest me can i pay service tax amount of last year in 2016-17 any interst payable please suggest me as soon as................

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9 Replies

CA Rohit Jain (Practice) (1865 Points)
Replied 03 June 2016

Yes, you can pay service tax for the last year.

Extent of Delay	Simple Interest p.a. on Late Payment of Service Tax
Upto 6 months	18%
From 6 months upto 1 year	24%
More than 1 year	30%

VIPIN KUTUMBALE (TAX CONSULTANT) (409 Points)
Replied 03 June 2016

from 1-4-2016 24% p a on late payment of amount collected but not paid , in case of other 15%

amarnath.k (Accountant) (35 Points)
Replied 04 June 2016

Dear Sir,

Thank you responding to me

" We already filed ST3 Retun for the period of 01.10.15 to 31.03.2016 instead of this, We deducted service tax from Transporter for last year transaction of Rs.30000/- this amount will have treat as current year tax or previous year tax.. in case assume this amount 30000/- was treated as last year tax then what we do.....? Will we modified Return or Will treat as current year tax....

please reply sir....

CA PRASAD KSHIRSAGAR (CA Practice ) (148 Points)
Replied 04 June 2016

As a first step, please check whether the return of Service Tax ST-3 which you have filed, have you kept this amount as payable? If so, then, the amount of Rs. 30,000 is that of the last financial year 2015-16. However, if you have to pay the amount, then you will have to pay along with the interest as stated above.

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amarnath.k (Accountant) (35 Points)
Replied 04 June 2016

So the amount of Rs.30000/- will be paid in current year ..with interest. these amount will consider as current year tax payment?

Mayur (Partner @ Mayur Thakkar & Co.) (3111 Points)
Replied 04 June 2016

hello,

According to me, Ideally the point of taxation rules needs to be validated for whether the transaction pertains to previous year or current year.

Mayur (Partner @ Mayur Thakkar & Co.) (3111 Points)
Replied 04 June 2016

According to the provisions if transaction is pertaining to previous then pay the same with the interest and revise the return within 90 days.

if pertaining to current year than pay accordingly.

Mayur (Partner @ Mayur Thakkar & Co.) (3111 Points)
Replied 04 June 2016

RULE 4[7. Determination of point of taxation in case of specified services or persons.--

Notwithstanding anything contained in these rules, the point of taxation in respect of the persons required to pay tax as recipients of service under the rules made in this regard in respect of services notified under sub-section (2) of section 68 of the Act, shall be the date on which payment is made :

Provided that, where the payment is not made within a period of six months of the date of invoice, the point of taxation shall be determined as if this rule does not exist:

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CA Sujeet Kumar (Self-Practice) (738 Points)
Replied 04 June 2016

Rate of interest is 15% in normal cases or 24 % in cases where St collected and not paid is applicable from 1st June 2016. Further check your Original St Return date becoz you can revise your return within 90 days of filing of original return.