Get 3 Yrs of CCI Pro Membership at Greater Value. Subscribe Now!

Late deduction of service tax

Save Share

This query is : Resolved

chankya dubey (Querist)

29 October 2013 inadvertently we havenot deducted the service receiver share of service tax for5 mths and deducted and deposited the same in10mth. plz guide whether we suffer any penality.

Suresh Ramaswamy

Suresh Ramaswamy (Expert)

29 October 2013 Since you have deposited the service tax due under RCM as service receiver, you will not suffer any penalty. However the ST-3 Return of the RCM service will have to be filed. The penalty for delayed filing is Rs.500 for the first 15 days, thereafter Rs.1,000 till 30 days. For delay beyond 30 days, the penalty is Rs. 1,000 plus Rs.100 per day upto Rs.20,000. If the ST-3 Return has been filed, you can revice it within 90 days without any additional penalty. Interest on delayed payment of ST @ 18% per annum on daily basis should also be paid.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now