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What is the max penality for not deposting the S.Tax collect

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28 August 2008 What is the max penalty for not depositing the S.Tax collected.

If anybody collect the service tax and do not deposit it with the department. What would be the maximum penalty or punishment.

Arvind Aggarwal
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CA Ravi Kumar Murugesh

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CA Ravi Kumar Murugesh (Expert)
02 September 2008 Service tax interest and penalty provision is as below:

a.If the payment is not paid by due date, interest @13% from the date following the due date for payment of service tax is to be paid mandatory along with service tax.
b.In addition to paying service tax and interest, defaulters are liable to pay penalty at, not less than Rs.200 per day of default or 2% of tax due p.m, whichever is higher, starting with the first day after the due date till the date of payment of outstanding amount of service tax. However, penalty amount will be limited to total tax due. The actual levy of penalty is at the discretion of the authorities.
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