I filed first service tax "NIL" return for mar.09. I have not paid service tax after mar.09 on GTA due to oversite . Pls. inform about the provision in which we can pay service tax now. It will pay with interest definately but will it pay with any other amount 9i.e.penalty etc.) and how much % of interest is applicable.
Pls. reply.
Interest for delayed payment is 13%.
IF YOU PAY BEFORE THE ISSUED IS CATCHED BY THE DEPARTMENT NO PENALTY ARISE.
iF IT IS AFTER RECEIVING ANY SHOW CAUSE NOTICE FROM DEPARTMENT YOU MAY HAVE TO PAY PENALTY ALSO.
Ramana
In case of delayed payment of service tax, there is mandatory payment of simple interest under section 75 for the period which the payment is delayed. The interest rate is 13% w.e.f. 10-9-2004, vide notification No. 26/2004-ST dated 10-9-2004.
No penalty should be imposed fro self corrections. In this case may not be tried also.
CAclubindia
