Tax not paid under rcm

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CA Nilam (Querist)
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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??

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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10 December 2013 yes penalty and int both levaible in this case.

CA Nilam

CA Nilam (Querist)
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10 December 2013 HOW MUCH PENALTY AND INTEREST? PLEASE PROVIDE LINK OF RELATED CIRCULAR OR NOTIFICATION OR ANY SECTION OF LAW.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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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

Ganeshbabu K (Expert)
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10 December 2013 interest applicable @18%p.a, and can take input credit as it is solely on payment basis

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