Service tax return - urgent
This query is : Resolved
12 September 2011
HI,
I WANT TO KNOW THAT CAN I FILL NIL RETURN FOR THE PERIOD AY 2008-09 TO TILL DATE
BECAUSE BUSINESS HAS NO TRANSACTION FOR THE SAID PERIOD AND FROM 1-10-11 IT IS COMPULSORY TO FILE ONLINE RETURN AND WE WANTS TO CLOSE OUR BUSINESS - REGISTRATION NUMBER WILL BE SURRENDER.
FOR SURRENDER WE HAVE TO FILE OUR RETURN BUT THEIR IS HUGE PENALTY FOR THEIR YEARLY rS. 40000 . SO TOTAL PENALTY 20000*6=rS.120000.
HOW CAN I SAVE PENALTY AND FILE MY SERVICE TAX RETURN - URGENT
I WANT TO KNOW THAT CAN I FILL NIL RETURN FOR THE PERIOD AY 2008-09 TO TILL DATE
BECAUSE BUSINESS HAS NO TRANSACTION FOR THE SAID PERIOD AND FROM 1-10-11 IT IS COMPULSORY TO FILE ONLINE RETURN AND WE WANTS TO CLOSE OUR BUSINESS - REGISTRATION NUMBER WILL BE SURRENDER.
FOR SURRENDER WE HAVE TO FILE OUR RETURN BUT THEIR IS HUGE PENALTY FOR THEIR YEARLY rS. 40000 . SO TOTAL PENALTY 20000*6=rS.120000.
HOW CAN I SAVE PENALTY AND FILE MY SERVICE TAX RETURN - URGENT
12 September 2011
For surrendering the registration, half yearly return's has to be updated.Belated filing attracts penalty as per rule 7C of the service tax Rules,1994. However, if no service tax is payable the jurisdictional Central excise offier can either waive or reduce the said penaly as per 3rd proviso to the said rules. Therefore, the service tax assessee can seek the mercy of the said officer.
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