Service tax
This query is : Resolved
07 September 2013
Pls mail about following queries:-
1)Service Tax exemption turnover
2)S.Tax calculating method
3)S.Tax interest rate,Return due dates and late penalty amount
1)Service Tax exemption turnover
2)S.Tax calculating method
3)S.Tax interest rate,Return due dates and late penalty amount
07 September 2013
1. Basic exemption limit for service tax is Rs.10 lakhs ( Service under RCM & brand names not covered under exemption)
2.normal tax rate is 12.36 on gross value of services provided unless the services comes under any abatement scheme
3. Interest rate on delay payment is 15% if your turnover below Rs.60 lakhs otherwise 18% & normal return is half year due date is Apr-Sep is 25th October & Oct- Mar is 25th April
Late filling penalty - late up to 15 days is Rs.500, 15days to 30 days - Rs.1000 & beyond 30 days Rs.1000 plus Rs.100 per day from 31st day subject to maximum of Rs.20000
2.normal tax rate is 12.36 on gross value of services provided unless the services comes under any abatement scheme
3. Interest rate on delay payment is 15% if your turnover below Rs.60 lakhs otherwise 18% & normal return is half year due date is Apr-Sep is 25th October & Oct- Mar is 25th April
Late filling penalty - late up to 15 days is Rs.500, 15days to 30 days - Rs.1000 & beyond 30 days Rs.1000 plus Rs.100 per day from 31st day subject to maximum of Rs.20000
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