Delay in Payment of Service Tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

31 July 2010 Dear Sir,

We have not deposited the service tax on due date, due to any oversight and balance sheet filed for the same financial year. By mistake, we have not shown the collection in service tax return.

Please suggest me. What should i do in this f.y. for the correction?

CA.RAJIV SHUKLA FCA

CA.RAJIV SHUKLA FCA (Expert)
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31 July 2010 Dear Anonymous,

You need to create Service Tax Liabilty in the Books for which amount recedived in the Bnak Accounts first.

Second you need to pay the Service Tax for the last period which is unpaid.

Intt.@13% p.a. charged for number of days lefte after the due dates.

File your Service Tax Return for that period with Fine of Rs.2000/= per Half Yearly.

Reconcile Payment & Taxes in the comming finanical statements of accounts as in BS

If you are not doing the same you can face problem during the Excise/ Service Tax Audits.

CA Kapil B Gupta

CA Kapil B Gupta (Expert)
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31 July 2010 Agree, please deposit service tax liablity with interest and file your return with file accordingly to avoid problems with service tax deptt.