Penalty on later deposit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 April 2015
Is any penalty payable on late filling of service tax?
In challan (already deposited, their is some excess amount)we have given break up as service tax , cess and she tax. is it necessary to mention INTEREST in challan.
this is in continuation of query referred here:
https://www.caclubindia.com/experts/interest-and-penalty-for-late-payment-for-service-tax-2056159.asp
In challan (already deposited, their is some excess amount)we have given break up as service tax , cess and she tax. is it necessary to mention INTEREST in challan.
this is in continuation of query referred here:
https://www.caclubindia.com/experts/interest-and-penalty-for-late-payment-for-service-tax-2056159.asp
24 April 2015
Yes penalty also applicable u/s 76.
Any person liable to pay service tax who fails to pay such tax, shall pay in addition to such tax and interest, a penalty being higher of Rs.100 per day or 1% of such tax per month, for the period of due date till the date of payment.
However, the total amount of penalty shall not exceed 50% of service tax payable.
Any person liable to pay service tax who fails to pay such tax, shall pay in addition to such tax and interest, a penalty being higher of Rs.100 per day or 1% of such tax per month, for the period of due date till the date of payment.
However, the total amount of penalty shall not exceed 50% of service tax payable.
24 April 2015
Yes penalty and interest should be deposited separately as there is separate code for this.
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