Late payment & late submission of service tax return
This query is : Resolved
29 January 2014
If service tax is late paid and late submitted then is only
Interest @15% on number of basis
and
Penalty for late filling of return then
upto 15 days Rs.500
15-30 days Rs.1000
beyond 30days Rs.1000+100 per day
upto Rs. 20000
is there any other charges are applicable
if any please provide information.
Thanks
If service tax is late paid and late submitted then is only
Interest @15% on number of basis
and
Penalty for late filling of return then
upto 15 days Rs.500
15-30 days Rs.1000
beyond 30days Rs.1000+100 per day
upto Rs. 20000
is there any other charges are applicable
if any please provide information.
Thanks
29 January 2014
Interest will be applicable at the rate of 18% and penalty will be same.
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29 January 2014
total amount not exceed Rs.60 lakhs then 15% interest is applicable Y/N
29 January 2014
Ramanamma, the rate of interest of 18% will be applicable if turnover from exceeds Rs.60 Lakh. However interest rate is reduced by 3 % for turnover up to 60 Lakh.
The penalty has been mentioned by you correctly. There are no other charges.
The penalty has been mentioned by you correctly. There are no other charges.
Message likes :
1 times
29 January 2014
thank you AVTAR SiNGH may i know codes for interest and penalty of service tax.
29 January 2014
For codes go to link : https://www.servicetax.gov.in/circular/st-circular12/st-circ-165-2012-annx.pdf
30 January 2014
Renting of immovable property
ST 0406
Interest 0407
Penalties 1456
E.Cess 0298
S.&H Cess 0426
is it correct
ST 0406
Interest 0407
Penalties 1456
E.Cess 0298
S.&H Cess 0426
is it correct
30 January 2014
You must write complete 8 digit codes and don't deposit full interest under one code. Be careful in depositing interest on service tax (on 12%) under 00440407 and interest on E.cess (on 2%) under 00440299 and interst on S&H (on 1%) under 00440427.
30 January 2014
is it applicable interest on education cess and higher education cess compulsory
30 January 2014
Yes. Interest is applicable on full 12.36%. But if interest is less than Rs.1 on ECess or HECess you may ignore that code.
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