An assessee in the start of his business takes a service tax registration, and the turnover of his business is eligible for the minimum t/o exeption slab i.e 10 lacs.
Is it compulsory for him now to forgo the exemption and start charging service tax from the first invoice and file ST returns.???
And if not compulsory, it it mandatory for him to file nil return.???
returns are mandatory, irrespective of fact that you charge service tax or avail exemption of 10L, in both cases you have to file return ( even where no transaction is present, you have to file NIL return)
non filing of return means concealment of taxable turnover in eyes of department.
Half-yearly filing of service tax returns is mandatory, even if nil returns.
Filing of service tax returns is mandatory, even it is NIL...You have to file within 25 days...if not then there would be day wise default criteria of penalty....i.e.
<15 days - Rs.500 per day
>15 days but <30 days - 1000 per day
> 30 days - Rs.1000 is fix plus Rs.100 per day or maximum to Rs.20000
Maximum Rs20000
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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