Sandeep Ahuja & Co.

Established in the year 1986, we are a leading chartered accountancy firm based in Delhi & NCR rendering comprehensive professional services which include statutory audit, internal audit, direct tax, transfer pricing, GST, bank audit, propriety audit, cost accounting, internal financial controls and risk advisory.

Wednesday, December 21, 2016

Service Tax payments and returns due dates & penalties for delay

Service Tax Returns are to be filed half yearly so two returns in one year but the payments are made on the basis of category of service provider either monthly or quarterly.
Ø  Quarterly Payments: Individual service providers, Proprietorship service providers, Partnership firm service providers i.e other than corporate where corporate signifies only Private limited or Limited Companies only are liable to pay Quarterly and due date of payment of service tax is 6th day of the month following the month of quarter ends except for March where the due date is 31st March of every year for Quarter ended on 31st March of every year.
Ø  6th of July.
Ø  6th of October.
Ø  6th of January.
Ø  31st of March.

Monthly Payments:
The following types of service taxpayers ie Corporate Service Tax Assessees need to pay their service taxes every month:
Ø  Private Limited / Limited Company
Ø  Limited Liability Partnership (LLP).
Ø  One Person Company

Penalty for Late Payment of Service Taxes

If the service tax due from the taxpayer is delayed then interest is chargeable on such dues

Delay in Payments
Service Provider having Annual Taxable Services above 60 Lacs
Service Provider having Annual Taxable Services above 60Lacs
 Payment is delayed up to 6 months
18% Simple Interest on daily basis
18% Simple Interest on daily basis
Payment is delayed for over 6 months but less than 1 year
24% Simple Interest on daily basis
24% Simple Interest on daily basis
Payment is delayed for over 1 year
30% Simple Interest on daily basis
27% Simple Interest on daily basis

Filing Service Tax Return Due Date and Penalties
All the Service Tax Assessees i.e Service Providers or Service recipients or chargeable to tax under Reverse Charge and having a Service Tax Registration Number are required by law to file their Service Tax Returns on a Half Yearly basis even if No Tax is Due.
Services tax payments are to be deposited in Govt accounts by the assessee (Service Provider) for the provision of services on a monthly or quarterly basis depending upon the nature of the assessee but the Service Tax Returns are to be filed on a half-yearly basis by all service tax assessees.
No matter how many taxable services are provided by the service provider or service tax payer need only file one Service Tax Return for every half year for the half year ended on 30th September and Half Year ended on 31st march of every year.
Due date of Service Tax Return filing is
25th Oct of every year for the half year ended on 30th September
25th April for the Half Year ended on 31st March.
Penalty for delay in filing of Service Tax Return by the due date

Late fees for delay up to 15 days from the due date.
Rs.500
Late fees for delay more than 15 days but less than 30days from the due date
Rs.1000
Late fees for delay more than 30 days from the due date
Rs.1000 plus Rs100/- per day after 30 days from the due date till the date of submission

Maximum penalty can be levied Rs.20000/- for any number of days where exceeds as specified above.
Service Tax Return Form:
·         The tax return form to be used for Service Tax Return is Form ST-3, or Form ST-3A.
·         The Following information is to be furnished:
Ø  The total value of taxable services  &  total Service tax charged or billed for.
Ø  The total value of taxable services realized & service Tax Realised
Ø  The total  Cenvat Credit Received and Availed
Ø  The total amount of service tax payable / paid.

·         File Service Tax Return can be mandatory to be filed Online on www.aces.gov.in
·         Service Tax Return once uploaded can be viewed in 2 business days for any error

·         Service Tax return Filed can be revised within 90 days from the date of submission of Original Return

1 comment:

  1. Informative post shared by you about Tax Return Victoria questions. If you are looking for Outstanding Tax Debt Management in Melbourne, then visit taxezi.

    ReplyDelete