Interest & Panelty
This query is : Resolved
12 May 2011
Dear Experts,
I want to know Interest Rate & Panelty (if applicable) for late payment of Service Tax & Excise Duty.
I also want to know Interest Rate & Panelty (if applicable) for late filing of Return of Service Tax & Excise Duty.
I want to know Interest Rate & Panelty (if applicable) for late payment of Service Tax & Excise Duty.
I also want to know Interest Rate & Panelty (if applicable) for late filing of Return of Service Tax & Excise Duty.
14 May 2011
Interest
Excise duty ..... 1.5% per month or part thereof.
Service tax ......1.5% per month or part thereof
Penlaty : if evasion is proved then 100% of duty payable
in other cases, it differ case to case
Excise duty ..... 1.5% per month or part thereof.
Service tax ......1.5% per month or part thereof
Penlaty : if evasion is proved then 100% of duty payable
in other cases, it differ case to case
15 May 2011
Interest @ 1.5% p.m. for What? Late Payment or Late filing of return???
26 May 2011
interest is charged on late payment only,
under excise , there is no provision of late return,
under service tax
Mandatory Penalty for Late filing of ST-3 Return under Rule 7C of Service Tax Rules, 1994
Sl. No.
Period of Delay from the prescribed date
Penalty
1
15 days
Rs.500/-
2
Beyond 15 days but not later than 30 days
Rs.1000/-
3
Beyond 30 days
Rs.1000/- plus Rs. 100/- for every day from the thirty first day till the date of furnishing the said return subject to max of 20000/-
under excise , there is no provision of late return,
under service tax
Mandatory Penalty for Late filing of ST-3 Return under Rule 7C of Service Tax Rules, 1994
Sl. No.
Period of Delay from the prescribed date
Penalty
1
15 days
Rs.500/-
2
Beyond 15 days but not later than 30 days
Rs.1000/-
3
Beyond 30 days
Rs.1000/- plus Rs. 100/- for every day from the thirty first day till the date of furnishing the said return subject to max of 20000/-
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