Query related to service tax ammendment

                                                          SERVICE TAX RETURNS 

TIME LIMIT:Service tax assesses should file their returns on half yearly basis within 25th of OCT for (apr to             sep) and 25 apr for (oct to mar)

Form : Half yearly return should br field in Form ST-3.

penelty for delayed furnishing of retuns

INTERST & PENALTY IN CASE OF DELAY & IN CASE OF NON PAYMENT OF SERVICE TAX BY DUE DATE 

INTEREST: (SECTION 75 )

a)  Rate of Interest : Interest shall be payable at the rate of 18% p.a for the period of delay.

                                     It 15% if the turnover in the preceeding financial year is not more than RS 60 lacs.

b) Period of Interest : The period of delay shall be the number of days between the date of the payment and the 6th of the month on which it fell due.

PENALTY : (SECTION 76) :

a) Circumstance : Service Tax is not paid or paid after the due date.

b) Minimum Penalty : penalty is liable to be imposed at the following rates-

Higher of 

200 per day of failure to pay ST ;or 

At the rate of 2% of the ST  per month.

c) Maximum Penalty : Amount of Service Tax that the assessee failed to pay .

d) Nature : Penalty is in addition to the tax amount and the interest payable theron u/s 75.

e) No Penalty ; shall be impossed on the assessee , if he proves that there was a reasonable cause for such failure.