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
Message likes :
1 times
Raghav Kapoor
(Querist)
23 June 2010
But i want to knw the penal amount and section also
Message likes :
1 times
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.
Message likes :
2 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- EPF ECR NEW FILE SEP 17TH 2026
- Capital Gail Exemption Certificate
- Import of Software Service.
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- TDS on Fixed Assets purchased
- GST on Renting godown to KFCSC for Storage of Raagi
- Oct 2025 Invoices
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
