Penalties

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MANOJ

MANOJ (Querist)
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14 November 2013 please tell me the penalties levied under ST (all interests and penalties)

visu iyer

visu iyer (Expert)
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14 November 2013 penalty under sec. 76 (failure to pay tax - Rs.100 per day or 1% of service tax max. 50% of tax)
Penalty u/s 70 (for belated filing of ST-03 return Rs.500 for first 15-30 days Rs.1000 for next 30 days and max Rs.20000
Penalty u/s 77 Failure to take registration in time Rs.200 per day or max Rs.10000
failure to maintain books, not paying taxes electronically, any other contravention u/s 77 Rs.10000 for each default.

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MANOJ

MANOJ (Querist)
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15 November 2013 i didnt understand penalty u/s 70 for belated return

Nikhil Kaushik

Nikhil Kaushik (Expert)
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15 November 2013 penalty under Section 70 is levied if the assessee doesn't filed service tax return within the due date.

For delay upto 15 days : Rs 500

For delay between 15-30 days: Rs 1000

For delay in excess of 30 days: Rs 1000 plus Rs 100 each day (starting from 31 days) till the date return is filed with maximum penalty of Rs 20000.

visu iyer

visu iyer (Expert)
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15 November 2013 S. agree with Nikhil ji

CA BHARATH KUMAR

CA BHARATH KUMAR (Expert)
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18 November 2013 yes i also agree with nikhil

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