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Service tax collected & not paid since regn

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Sridhar

Student

30 Points Posted on 04 May 2012

Dear Tax Consultants,

I have a serious concern on my propertiership firm registered (for service tax) 2 yrs back & i have collected upto 75,000/- in taxes from 2 yrs.. But i have not filed any returns till now unknowingly,, Now only i started to file returns... But our accountant says i have to pay Rs.75,000/- collected taxes + intrest for 2 yrs...i.e upto 1 lakh & penalty of Rs.80,000/- for 4 half yearly with intrest...

NOW I AM GONE... I CANNOT AFFORD TO DARE TO PAY 1LAKH... ALSO i cant give up the firm as it is my livelihood and have longterm customers...

Dear Consultants, PLEASE HELP ME & ADVICE ME WHAT TO DO NOW...

Thanks a lot in Advance..

Sridhar

Replies (1)

Ashish Kedia

616 Points Posted on 05 May 2012

Your accountant its as such correct. Any amount collected as government dues must be deposited to government. However to find out the best possible way and option detailed.facts need to be known and only post a in details discussion/ analysis should a conclusion be arrived at by you. Such things cannot be done on public forums. Please feel free to.get in touch with me applegreenfinance @ gmail.com