Penalty on late deposit of service tax
This query is : Resolved
13 February 2012
A person is providing Work Contract & he has apply his Service Tax No. in Jan 2012. His total turnover from April 2011 to Jan 2012 is approx 22 Lacs. He has not deposited/filed any service tax & Return. Now what is the penalty for not depositing of Service Tax ?
13 February 2012
Failure to pay service tax also attracts a penalty under Section 76 of the Act, which shall not be less than Rs 200 for every day during which such failure continues or at the rate of 2% of such tax per month, which ever is higher, starting with the first day after the due date till the date of actual payment of the outstanding amount of service tax. However, such penalty would not exceed the service tax payable.
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13 February 2012
Thanks a lot Sir.........
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