penalty of service tax
This query is : Resolved
Raghav Kapoor
(Querist)
23 June 2010
how much penalty, if we are liable to pay service tax and same was not paid by us in which section
CMA Ramesh Krishnan
(Expert)
23 June 2010
Service tax late payment attract Interest @ 13 % per annum canbe calculate day basis
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Raghav Kapoor
(Querist)
23 June 2010
But i want to knw the penal amount and section also
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23 June 2010
Penalty for failure to pay service tax is covered under section 76. Quantum is Rs.200/- per day or @ 2 % of such tax which ever is more.
Shyam Lal Naik
(Expert)
23 June 2010
Maximum penalty u/s 76 is limited to amount of tax involved.
CS Richa Sharma
(Expert)
23 June 2010
Section 76: PENALTY FOR FAILURE TO PAY SERVICE TAX:-
Any person, liable to pay service tax, fails to pay such tax, shall pay, in addition to such tax and the interest on that tax amount in accordance with the provisions of section 75, a penalty which shall not be less than two hundred rupees for every day during which such failure continues or at the rate of two per cent. of such tax, per month, whichever is higher, starting with the first day after the due date till the date of actual payment of the outstanding amount of service tax.
Provided that the total amount of the penalty payable in terms of this section shall not exceed the service tax payable.
Any person, liable to pay service tax, fails to pay such tax, shall pay, in addition to such tax and the interest on that tax amount in accordance with the provisions of section 75, a penalty which shall not be less than two hundred rupees for every day during which such failure continues or at the rate of two per cent. of such tax, per month, whichever is higher, starting with the first day after the due date till the date of actual payment of the outstanding amount of service tax.
Provided that the total amount of the penalty payable in terms of this section shall not exceed the service tax payable.
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