Default in service tax registration
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 May 2014
Experts,
If turnover of service sales exceeds Rs.10 lacs in particular year, say in 2013-14 but party fails to take service tax registration and takes the service tax registration in 2014-15, then what will be the consequences i.e. what will be interest, penalty etc. and what will be the remedies.
Thanks
If turnover of service sales exceeds Rs.10 lacs in particular year, say in 2013-14 but party fails to take service tax registration and takes the service tax registration in 2014-15, then what will be the consequences i.e. what will be interest, penalty etc. and what will be the remedies.
Thanks
Annu Agarwal
(Expert)
14 May 2014
As per Section 77 of Finance act there is a penalty of Rs 200 per day of defalut or Rs 10,000 whichever is higher for failure to take service tax registration.Therefore there is a minimum penalty of Rs10,000/-.
However as per section 80 the penalty can be waived off if the assessee proves that there was reasonable cause for the said failure.
However as per section 80 the penalty can be waived off if the assessee proves that there was reasonable cause for the said failure.
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