Thursday, 5 January 2017

Penalty for Late filing of Service tax returns


Penalty for Late filing of Service tax returns


Section 70 (1) of the finance act 1994 along with Rule 7 C

Manner of Default
Penalty






Late filing of returns


Delay In Days

Penalty Amount
up to 15 days
Flat Penalty of Rs.500/-
Beyond 15 days and upto 30 days

Flat Penalty of Rs.1000/-
Delay beyond 30 days
Rs.1000/-  plus Rs.100 per day of delay beyond 30 days

Provided the total amount payable in terms of this rule shall not exceed the amount specified in Sec.70 of the Act.
i.e. late fee upto Rs.20,000/-








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