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Q. > Please Help: penalty for late deposit service tax
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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Rambabu Senkarasetti
Accounts, Audit, Corporate Law, Finance, Income Tax, Service Tax, Students, VAT
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Harsh Kumar
12-Jul-2015 , 06:05:41 pm1.) 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.) PENALTIESÂ 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.