service-tax-query

This query is : Resolved

rangaswamy .d.r (Querist)
Follow

08 September 2010 if an assessee provide some taxable services in the month of August 2009 for rs. 92,947.60 (incl. of Ser-tax@10.30%)
against this he received advance in August & final settlement in October 2009

but the assessee obtained registration of service tax certificate in the month of January 2010,

he has not paid serive tax till now & now he has to pay the service tax

what is the interest and penanlty & whether ii is applicable from date of registration or date of service tax collected/due date of the same

Sheetal Metha

Sheetal Metha (Expert)
Follow

08 September 2010 simple interest @13% per annum.
Interest is payable for the period from the first day after the due date till the date of payment of any defaulted service Tax amount. [Refer to Section 75 of the Finance Act, 1994]

If a person who is liable to pay Service Tax fails to pay service tax, he shall pay in addition to such tax and interest in accordance with the provisions of Section 75 of the Act, a penalty which shall not be less than Rs.200/- for every day during which such failure continues or @2%
of such tax per month, whichever is higher. However, the penalty amount payable shall not exceed the amount of Service Tax payable. (Refer to Section 76 of the Finance Act, 1994).

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

08 September 2010 Yes.Good & complete reply by Expert, Interest need to calculate from the date of due date, also in your case late registration is your default, so calculate the actual due date instead of Registration date

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Somnath Maiti

Shantaveeresh Manur

S D Kannan

adarsh chaturvedi

Dinesh kumar

Subscribe Now

service-tax-query

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA