Interest & Panelty

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prerak (Querist)

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.

U S Sharma

U S Sharma (Expert)

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

prerak

prerak (Querist)

15 May 2011 Interest @ 1.5% p.m. for What? Late Payment or Late filing of return???

U S Sharma

U S Sharma (Expert)

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/-

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