Registration and payment

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 November 2011 Service tax registration is must if the business from service crosses Rs.10 lacs.

Experts pl, advise,
the registration is done after crossing 20 lacs (by ignorance of law);

Now the liability is applicable for all the turnover or from the date of registration.

Pl. advise on the interest and penalty portion also.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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06 November 2011 Threshold exemption can be availed for Rs.10 lakhs. Service tax has to be paid for the balance with interest. Interest rate is 15 % for the number of days delay for those having turnover up to Rs. 60 lahhs.

Querist : Anonymous

Querist : Anonymous (Querist)

07 November 2011 Thank u... sir ...

Pl. clarify..
a) I presume the interest @ 15% per annum
b) what is the rate if the turnover is more than 60 lakhs (I presume 60 lacs is per annum)

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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08 November 2011 a) 15% per annum ,for the number of days delay ,if total turnover per annum is upto Rs.60 lakhs.
b) 18% if more than Rs. 60 lakhs.

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