Remittance as on 31-mar-2012

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GANGADHARAN (Querist)
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09 April 2012 We have raised one service invoice on 31st at 8pm and could not remit service tax on the same day. Is there any extension for this remittance.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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09 April 2012 Dear Mr. Gangadharan,

If you have booked service income on 31st march 2012, then it should have been paid on or before 31/03/2012.
there is no extention or exemption.

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GANGADHARAN

GANGADHARAN (Querist)
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09 April 2012 Dear Mr. Amit: Can we remit with interest now and what is the percentage.
Thanks in advance

CA Ankit Gulgulia (Jain)

CA Ankit Gulgulia (Jain) (Expert)
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09 April 2012 Remit with Interest 18% p.a

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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09 April 2012 Yes, Interest rate is as follows-
If turnover of taxable service in preceding F.Y. exceeds rs. 60 lakhs then 18% otherwise it is 15%.

CA Kishore Tallam

CA Kishore Tallam (Expert)
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09 April 2012 Agree with Amit and also penalty will be applicable @ Rs. 100 per day or 1% per month or part there of whichever is higher subject to a maximum of 50% of service tax liability w.e.f 08-04-11.

Mihir Doshi

Mihir Doshi (Expert)
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09 April 2012 Agree with Expert

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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09 April 2012 In your case, As pee my knowledge penalty will not be levied, since you have sufficient cause for not making payment of ST within time.
Generally, In such cases penalty is not levied.So, Do not pay the amount of penalty unless the department asks for it.

Thanks
Amit

GANGADHARAN

GANGADHARAN (Querist)
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12 April 2012 Sir, is it ok whether I will remit the balance service tax as follows:-
10% ST Rs. 12178.55, ED Rs. 243.57 and Higher ED Rs. 121.79 + interest 1.5% Rs. 188.15. I am not remitting the penalty as per Mr. Amit's reply.
Thanks in advance

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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13 April 2012 Calculate the interest for no. of days delayed @ 18% p.a(from 01/04/2012 to till date)

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