Service tax and late payment charges

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Vikas Tripathi

Patner

21 Points Posted on 05 May 2014

Hi , we have registered LLP company in August 2011,but due to financial issues we have not continued it. We have not closed it properly and have not made service tax payment yet. I would like to check how much late fees we need to pay and how much will be the service tax. We have not done the business of more then 1 lacs .

pls help me on this.

appreciate help on this.

Replies (2)

Harendra Kumar

Tax Advisor

1502 Points Posted on 07 May 2014

In this regard you collect the Service Tax Amount with your coustomer and not depositted yet and your business turnover not more then 1 lakh.

Further my opinion i.e. you should have to deposited Govt. dues as soon as possible with interest @ 18% p.a. and,

You can taken the benifit of SSI exemption i.e. 10 lakh and your service tax liabilty not to be raised.

and depositted to Govt. duty which collected by you.

JMS

DY.MANAGER -COMMERCIAL

120 Points Posted on 07 May 2014

If you have collected bill amount including service tax, you are liable to pay service tax. Interest would be payable @ 18% p.a till the date of principle amount is paid. So, I advise you to pay service tax first to get relief from interest payable days. If you have not collected service tax, no need to pay service tax as you are cover under threshold limit of Rs.10 Lakhs.

Regards,

JMS