QUERY
This query is : Resolved
RAHUL KUMAR TAANK
(Querist)
21 December 2010
PLEASE TELL ME :-
Is there any penal provision for non-registration?
RAHUL
Is there any penal provision for non-registration?
RAHUL
RAMESH KUMAR VERMA
(Expert)
21 December 2010
DEAR AUTHOR,
Failure of registration may attract a penalty upto Rs.5000/- or Rs. 200/- for every day during which such failure continues, whichever is higher [Section 77(1)(a) of the Finance Act, 1994].
However, such penalty may be waived in case the assessee proves that there was reasonable cause for such failure [Section 80 of the Act].
FOR MORE INFO:-https://www.cbec.gov.in/cae1-english.htm
Failure of registration may attract a penalty upto Rs.5000/- or Rs. 200/- for every day during which such failure continues, whichever is higher [Section 77(1)(a) of the Finance Act, 1994].
However, such penalty may be waived in case the assessee proves that there was reasonable cause for such failure [Section 80 of the Act].
FOR MORE INFO:-https://www.cbec.gov.in/cae1-english.htm
21 December 2010
Service Tax Penalties For Non-registration
The penalty for non-registration is Rs. 5000 if the Assessee fails to make an application for registration for Service Tax. (Sec 75A)
Penalty For Late Payment Of Service Tax
The penalty for late payment of service tax is simple interest at the rate of 24% p.a. by which crediting of tax or any part thereof is delayed. (Sec. 75). Further, the Finance Act, 2002 has proposed to reduce the rate of interest from 24% p.a. to 15% p.a. for the period for which the payment of Service Tax is delayed.
Panalty For Failure To Pay Service Tax
Penalty for failure to pay service tax is as follows:- In addition to paying Service Tax and interest U/S 75, not less than1000/- but which may extend to 2000/- for every day during which the failure continues (Sec 76). However, the penalty should not exceed the amount of Service Tax that the assessee has failed to pay.
Panalty For Failure To Furnish Return
The penalty for this may extend to an amount not exceeding 10000/- (Sec 77).
The penalty for non-registration is Rs. 5000 if the Assessee fails to make an application for registration for Service Tax. (Sec 75A)
Penalty For Late Payment Of Service Tax
The penalty for late payment of service tax is simple interest at the rate of 24% p.a. by which crediting of tax or any part thereof is delayed. (Sec. 75). Further, the Finance Act, 2002 has proposed to reduce the rate of interest from 24% p.a. to 15% p.a. for the period for which the payment of Service Tax is delayed.
Panalty For Failure To Pay Service Tax
Penalty for failure to pay service tax is as follows:- In addition to paying Service Tax and interest U/S 75, not less than1000/- but which may extend to 2000/- for every day during which the failure continues (Sec 76). However, the penalty should not exceed the amount of Service Tax that the assessee has failed to pay.
Panalty For Failure To Furnish Return
The penalty for this may extend to an amount not exceeding 10000/- (Sec 77).
RAMESH KUMAR VERMA
(Expert)
23 December 2010
Rahul ,
continuation in this matter please updated The latest information of mine that :-
Mandatory interest for late payment of service tax is 13% [section 75]. It cannot be reduced or waived.
please updated :-
A mandatory penalty has been prescribed under Rule 7C of the Service Tax Rules, 1994, as also an amount not exceeding Five Thousand Rupees could be imposed as penalty under sec 77 of the Act.
continuation in this matter please updated The latest information of mine that :-
Mandatory interest for late payment of service tax is 13% [section 75]. It cannot be reduced or waived.
please updated :-
A mandatory penalty has been prescribed under Rule 7C of the Service Tax Rules, 1994, as also an amount not exceeding Five Thousand Rupees could be imposed as penalty under sec 77 of the Act.
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