Regarding penalty on non payment of service tax

This query is : Resolved

CA munna singh (Querist)
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19 December 2012 what is interest and penalty for late payment of service TAx.

please suggest me on priority basis.

Regards,

Munna singh.

Arun Biyani

Arun Biyani (Expert)
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19 December 2012 Rate - 18% (15% if turnover during previous financial year is upto Rs. 60 Lakhs). duration - from due date to actual date of payment..

Pankaj Gupta

Pankaj Gupta (Expert)
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19 December 2012 In addition to interest @ 18% or 15% you will have to pay a penalty under section 76 which will be----
Rs 100 per day or 1% per month of such tax , whichever is higher.
But such penalty shall not exceed 50% of the amount of service tax.

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