Service tax
This query is : Resolved
purusotham
(Querist)
19 June 2013
Dear All,
Good Evening,
Request you to kinldy provide the details of Interest payable on delay in paying service tax and penalty applicable for late E-filing.
With Regards
Purusotham.
9886033414
Good Evening,
Request you to kinldy provide the details of Interest payable on delay in paying service tax and penalty applicable for late E-filing.
With Regards
Purusotham.
9886033414
19 June 2013
18% per annum w.e.f 1/4/2011 to be calculated for the number of days delay. Please refer notification 14/2011 dated 1/3/2011.
But as per proviso to section 73B, 3% reduction is allowed if value of taxable service in the previous financial year is up to Rs.60lakhs meaning thereby effective rate of interest will be 15%
Penalty for late filing ranges from Rs.500/- to Rs.20000/- depending on the number of days delay. For details please see Rule 7C of Service tax Rules,1994.
But as per proviso to section 73B, 3% reduction is allowed if value of taxable service in the previous financial year is up to Rs.60lakhs meaning thereby effective rate of interest will be 15%
Penalty for late filing ranges from Rs.500/- to Rs.20000/- depending on the number of days delay. For details please see Rule 7C of Service tax Rules,1994.
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