Due date for payment of service tax, january 2015

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Sushil Kr Goyal

professional

1333 Points Joined December 2008

Dear Sir/Madam,

Service Tax for the month January, 2015 is due for payment on 6th February, 2015 for assessees other than Individual, Proprietary Firm, Partnership Firm or LLP.

E-payment has become mandatory for all assessees w.e.f. 1st October, 2014. If an assessee fails to do so, he may be held liable for penalty which may extend to Rs. 10000/-.

Moreover, payment made after 8.00 pm will be treated as payment made on next day. Payment after due date will be liable for interest as per Section 75 of the Finance Act, 1994 (See table below).

This is for your information.

Regards

CA Sushil Kr Goyal

Note:

Interest table u/s 75

Period of delay	> 60 lakhs preceding year	≤ 60 lakhs preceding year
Up to 6 months	18%	15%
More than 6 months and up to 1 year	18% for the first 6 months of delay and 24% for the delay beyond 6 months	15% for the first 6 months of delay and 21% for the delay beyond 6 months
More than 1 year	18% for the first 6 months of delay; 24% for the period beyond 6 months up to 1 year and 30% for any delay beyond 1 year	15% for the first 6 months of delay; 21% for the period beyond 6 months up to 1 year and 27% for any delay beyond 1 year

Replies (2)

J. K. Ratan

Compliance Advisor

794 Points Joined August 2013

Sir I'll appreciate to provide notification no. Of this amendment

Mir Irshad Ali

Partner

192 Points Joined March 2013

Interest rates for delayed payment of Service Tax revised w.e.f 01.10.2014 as under

TABLE

Sl.No.	Period of delay	Rate of simple interest
(1)	(2)	(3)
1.	Up to six months	18 per cent.
2.	More than six months and up to one year	18 per cent. for the first six months of delay and 24 per cent. for the delay beyond six months.
3.	More than one year	18 per cent. for the first six months of delay; 24 per cent. for the period beyond six months up to one year and 30 per cent. for any delay beyond one year.