Tax not paid under rcm
This query is : Resolved
10 December 2013
A MANUFACTURING COMPANY LIABLE TO PAY SERVICE TAX UNDER REVERSE CHARGE MECHANISM HAS NOT PAID SERVICE TAX UNDER RCM DURING F.Y 2012-13. CAN COMPANY PAY THE SAME NOW AND TAKE CENVAT CREDIT OF THE SAME? IS THERE ANY PENALTY OR INTEREST LEVIEBLE??
10 December 2013
yes penalty and int both levaible in this case.
10 December 2013
HOW MUCH PENALTY AND INTEREST? PLEASE PROVIDE LINK OF RELATED CIRCULAR OR NOTIFICATION OR ANY SECTION OF LAW.
10 December 2013
As normally applicable for late payment of service i.e 18 % is applicable, there is no separate notification in this regard.
Ganeshbabu K
(Expert)
10 December 2013
interest applicable @18%p.a, and can take input credit as it is solely on payment basis
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