Interest and penalty

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 May 2013 hi,
is there any interest or penalty for late service tax payment of mar-13 ??
if yes !!
so please mention the rate or amount ??


08 May 2013 Turnover more than 60 lakhs- int 18% pa
Lees than 60lakhs - int 15%pa.only simple interest

08 May 2013 Interest - @1.5% per month

penalty -In addition to the service tax and interest, penalty not less than Rs.100/- for every day during which failure continues, or @ 1% of such tax per month, whichever is higher but shall not exceed 50% of service tax due.

08 May 2013 penalties are at the discretion of AO

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 May 2013 Thanks a lot !!


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