Please Help: penalty for late deposit service tax
Posted Date : 24-Jun-2015 , 11:24:22 pm | Posted By: Vikas Aggarwal
Category :
Service Tax | Answers :
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Comments :
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Dear all please tell me that there are penality for late deposit on service tax. i have confusion regarding this.some told me that there are penality for rs. 100 per day and intt.on tax amount. |
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| Posted By : Harsh Kumar |
12-Jul-2015, 06:05:41 |
| 1.) INTEREST FOR LATE PYMENT
Extent of Delay: Rate of Interest P.a.
Upto 6 Months 18%
Above 6 Months upto 1 year 24%
More Than 1 Year 30%
Reduction of 3% if taxable turnover is upto 60 Lakh,then rates will be
15% (18-3)
21% (24-3)
27% (30-3)
2.) PENALTIES FOR FAILURE TO PAY TAX IN ADDITION OF TAX AND INTEREST
Higher of the following:
Rs.100 per Day
OR
1% of such tax per month, for the period of due date till the date of payment.
BUT The total amount of penalty shall not exceed 50% of service tax payable.
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