Addition of service, and payment of old tax not paid.
This query is : Open
10 June 2015
I am registered under Service Tax under Business Auxiliary Services and regularly collecting and paying service tax since a long time.
Since November 2013, I have let out a godown on rent.
Is the godown rent received by me to be counted as a taxable service ?
The service tax has neither been collected by me nor paid by me till now for the Godown rent.
Is this to be added ? How ?
What are the implications for late addition / registration of this new service ? How much penalty etc. ?
What are the implications for non payment of tax or late payment if paid now ?
I want to clear all liabilities .... and remain clear of all mistakes.
Since November 2013, I have let out a godown on rent.
Is the godown rent received by me to be counted as a taxable service ?
The service tax has neither been collected by me nor paid by me till now for the Godown rent.
Is this to be added ? How ?
What are the implications for late addition / registration of this new service ? How much penalty etc. ?
What are the implications for non payment of tax or late payment if paid now ?
I want to clear all liabilities .... and remain clear of all mistakes.
10 June 2015
Renting of Immovable property has been taxed After 1.7.2012 whereby all services will be taxed unless they are covered by any of the entries in the negative list or are otherwise exempted. Accordingly as per clause (44) of section 65B of the Act it has also been stated that service includes a declared service. And Renting of Immovable property is the part of declared service. consequences
Interest on Late payment
Budget 2014: Increase in Interest on Late Payment of Service Tax
Arun Jaitley while presenting Budget 2014 on 10th July has increased the rate of interest on late payment of
service tax. The interest rate on late payment of service tax to be levied on a simple interest basis would now
vary depending on the extent of delay in payment of service tax. These new interest rates for late payment of
service tax introduced in Budget 2014 would come into effect from 1st October 2014 and are as follows: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%
Interest on Late payment
Budget 2014: Increase in Interest on Late Payment of Service Tax
Arun Jaitley while presenting Budget 2014 on 10th July has increased the rate of interest on late payment of
service tax. The interest rate on late payment of service tax to be levied on a simple interest basis would now
vary depending on the extent of delay in payment of service tax. These new interest rates for late payment of
service tax introduced in Budget 2014 would come into effect from 1st October 2014 and are as follows: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%
10 June 2015
Well, I would like to discuss more, as it seems complicated.
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