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Interest & penalty for filing of rev. st-3 after due date

Queries 1751 views 2 replies

Rahul Agarwal

Accountant

98 Points Joined July 2013

A Service receiver files its return within the due date of 25th October for Half year April 2013 to September 2013.

It was liable to pay service tax of only Rs. 600 on reverse charge basis for the above period. But due to some error which was later identified, it filed revised return on 14 November, 2013.

So should it pay late filing interest and penalty or not?

(Range officer is asking for late filing interest and penalty)

Replies (2)

Neljo Davis ACA

Consultant

630 Points Joined October 2008

The service receiver is liable to pay interest @ 18% per annum for delay in days(From due date to date of payment) on the short paid amount.15% for assesses having the value of taxable service less than 60 Lakhs in the preceding financial year. (Please keep in mind point of taxation for reverse charge liability is the date of payment for the service). Not liable for penalty or late filing fee.