A professional whose gross receipts is Rs.8,00,000 (for asst.yr 2008-09) has recovered Service tax from his client @ 12.36. But he does not pay service tax to the goverment as his gross receipts is less than Rs.10,00,000.Is will be fined for not paying the tax. And what will happen if the gross receipt is more than 10,00,000.
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recovery of S.T
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If he collected service tax from clients the amount belongs to the Goverment. The same should be paid along with interest.
| Originally posted by :Md.Mosharraf Ali Raza | ||
|
A professional whose gross receipts is Rs.8,00,000 (for asst.yr 2008-09) has recovered Service tax from his client @ 12.36. But he does not pay service tax to the goverment as his gross receipts is less than Rs.10,00,000.Is will be fined for not paying the tax. And what will happen if the gross receipt is more than 10,00,000.
Refer Section 73 A of Chapter V of Finance Act,1994. |
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