Service tax penalty and interest

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Querist : Anonymous

Querist : Anonymous (Querist)

26 September 2014 My company paid service tax amount shortly in f.y 2013-14 and still now not filing the service tax return for F.Y 2013-14 for 1st half and 2nd half. Please tell me the interest rate and interest amount and penalty for late payment of service tax and late filing of return.

Querist : Anonymous

Querist : Anonymous (Querist)

26 September 2014 PLS REPLY SOON......

Rupesh Jain

Rupesh Jain (Expert)
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27 September 2014

Revised Rate of Interest w.e.f. 1.10.2014

Vide Notification No 12/2014-ST dated 11.7.2014, rate of interest to be charged on delayed payment of service tax has been enhanced w.e.f. 1.10.2014, based on period of delay. Thus, longer the delay period , higher would be the rate of interest payable. Accordingly, the rate of interest shall be as under :

S.No. Period of delay Rate of Simple Interest Per Annum
1 Up to six months 18 percent
2 More than six months and up to one year 18 percent for the first six months of delay; 24 percent for delay beyond six months
3 More than one year 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

FOR NON FILING OF SERVICE TAX RETURN

finance bill 2011
for delay up to 15 days INR 500

for delay beyond 15 days
but up to 30 days INR 1,000

for delay beyond 30 days
INR 1,000 + INR 100 per day
(from 31st day subject to a
maximum amount of Rs 20000/-

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