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Interest and Penalty

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This query is : Resolved

pramod (Querist)

30 October 2008 I want to know what is the interest and penalty for delayed/non payment of service tax in time and also for delayed/non furnishing of return in time as per the latest notifications.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

30 October 2008 SECTION 75:-
Delay in payment of service tax attract simple interest @13% per annum -notification 26/2004 dt 10-9-2004.

SECTION 76:-
Penalty for non payment of service tax is not less than Rs.200/- per day or 2% per month on tax due which ever is higher.

Rule 7C;-
Fee for delay in furnishing the service tax return
upto 15 days from the due date of submission -Rs 500/-
More than 15 days and not later than 30 days from the due date of submission -Rs.1000/-
More than 30 days -Rs 1000/- plus Rs.100/- for every day from the 31st day till the date of furnishing the return subject to a maximum of Rs 2000/-

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