Please Help: Applicability of Service Tax Provisions

Posted Date : 21-May-2012 , 03:59:02 pm | Posted By Ashish Kotecha

One of my new client has not filed the Service Tax Return from F.Y.2009-10 to F.Y.2011-12. But now he wants to file the service tax returns for this period. Now I want to know applicability of provisions to the respective F.Y.s pertaining to :-

1. Interest for Delayed Payment

2. Penalty for late payment

3. Penalty for late filing of service tax return

Kindly guide on urgent basis.

Category : Service Tax | Answers : 2 | Comments : 1 | Hits : 495

Answers

Answer By: Rishabh Upadhyay

penalty for non filing of service tax return is now Rs 20k per return on the discretion of Commissionrate. However you can have a meeting with the concerned commisionerate and discuss the matter with him to find a way out.

Answer By: Ashish Chaudhary

(i) Interest @ 13% upto 31.3.2011. Thereafter 18%. (15% if the value of services provided during preceding year was less than Rs. 60 lacs)

(ii)From FY 2011-12: Rs.100 per day or 1% p.m.of service tax amount, whichever is higher. (It cannot exceed 50% of service tax payable). Prior to FY 2011-12: Rs.200 per day or 2% p.m.of service tax amount, whichever is higher. ((It cannot exceed service tax payable)

(iii) For FY 2011-12: (a) Upto 15 days- RS. 500 (b) Beyond 15 days but upto 30 days: Rs. 1000 (c) Beyond 30 days: Rs. 1000 plus Rs. 100 per day. However, total cannot exceed RS. 20,000. For FY prior to 2011-12: Maximum Penalty is Rs. 2000. Above penalty may be waived by proper officer if Nil Return is filed.

Hope above meet your requirement. In case of any clarification, you can mail me at ashish@skpatodia.in