Service tax for 4 bills missed

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 May 2016 Hi,

We have missed paying service tax for 4 last year in the month of April 2015. What would be the Penalty and could any please let me know how much i would need to payment. Is the penalty for each bill? or something else?

Warm Regards,

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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11 May 2016 Following Interest and penalty will be applicable for non payment of service tax:

Interest :
18 percent for the first six months of delay; 24 percent for period beyond six months up to one year; 30 percent for any delay beyond one year.
3 percent interest rate concession allowed u/s 75 shall be allowed to specified small service providers.

Penalty :
As per the new provisions. Late payment of service tax attracts a non discriminatory minimum penalty of 10% of service tax liability. In case of fraudulent attempt to evade or make late payment of service tax, a maximum penalty of 100% of service tax liability is applicable.

Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615

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