penalty of service tax

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Raghav Kapoor

Raghav Kapoor (Querist)
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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

CMA Ramesh Krishnan (Expert)
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23 June 2010 Service tax late payment attract Interest @ 13 % per annum canbe calculate day basis

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Raghav Kapoor

Raghav Kapoor (Querist)
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23 June 2010 But i want to knw the penal amount and section also

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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.

Arun Iyer

Arun Iyer (Expert)
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23 June 2010 agreed

Shyam Lal Naik

Shyam Lal Naik (Expert)
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23 June 2010 Maximum penalty u/s 76 is limited to amount of tax involved.

CS Richa Sharma

CS Richa Sharma (Expert)
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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.

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