PENALTY FOR LATE FILING OF SERVICE TAX RETURNS

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Shrinivas Kota (Querist)
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09 January 2008 THERE IS A LATE FEES OF RS.2000/- IN RESPECT OF LATE FILING OF SERVICE TAX RETURNS PERTAINS TO THE PERIOD STARTING FROM 2007 - 2008 AND ONWARDS. WHAT IS THE PENALTY FOR LATE FILING OF RETURNS FOR THE PERIOD 2005 - 06 AND 2006 - 07 AS OF TODAY

R.V.RAO

R.V.RAO (Expert)
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09 January 2008 The service tax law recently introduced a provision whereby a late payment fee has been prescribed for delayed filing of returns. The fee for delayed filing of a return up to 30 days from the prescribed date of filing return—for the half year ending September 30, the return is to be filed by October 25—is Rs 1,000 and beyond such period is Rs 100 per day subject to a maximum levy of Rs 2,000.
EARLIER FOR FAILURE TO FURNISH PRESCRIBED RETURN IN FORM ST-3 IN PRESCRIBED TIME ,PENALTY UPTO RS 1000/PER DEFAULT UNDER SEC 77 WAS LEVIABLE.
R.V.RAO

CA. Aryendra

CA. Aryendra (Expert)
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09 January 2008 Period Penal Provision
16.10.1998-11.05.1999 Rs. 100 to Rs. 200 per week or part thereof
12.05-1999-11.05.2001 Not exceeding 2000/-
12.05.2001 – 09.09.2004 Not Exceeding 1000/-

After above period section 77 will apply

Pleae also read Circular No 97/8/2007

CA. Subodh Kumar 9864367665

CA. Subodh Kumar 9864367665 (Expert)
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20 May 2008 Before 10-09-2004- SEC 77- not exceeding 1000/-
After 10-09-2004- No Penalty but if the adjucating officer takesa view that non filing of the return amounts to contravention of the provisions of the act/Rules,he can invoke the newly inserted section 77 which takes affect from 10-09-2004 and levy penalty upto a maximum of Rs. 1000/-

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