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,
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,
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
Note : If you find our reply useful. Please Score us by clicking on "THANK USER"
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
Note : If you find our reply useful. Please Score us by clicking on "THANK USER"
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