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Service Tax

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(Querist)
24 October 2009 My Querry is "the company for which i work was incorporated on 20.02.2009 having nil turnover for FY 07-08 and 5 Crore for FY 08-09. neither we have filed any Service Tax return nor we have deposited service tax due some unavoidable reasons. so, what are the consequences for not paying/filing of service tax. can we pay the same in this financial year, if yes, what are accounting treatment?
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Shyam Lal Naik

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Shyam Lal Naik (Expert)
24 October 2009 Non payment attracts interest and penalty.

Interest u/s 75
Penalty u/s 76, 77, 78
Penalty u/s 76 & 78 are mutually exclusive.

In addition, you shall be liable for late fee of Rs. 2000.00 for late filing of return.
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ANIL JANGID

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ANIL JANGID (Expert)
25 October 2009 Are you manufacturer or service provider?
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Mukesh Kumar Tomar

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Mukesh Kumar Tomar (Querist)
27 October 2009 we are a private limited company in the field of construction.
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