Non payment or delayed payment of service tax- A mandatory penalty, not less than Rs.200/- for every day during which such failure continues or @2% of such tax per month, whichever is higher, shall be imposed by the adjudicating authority. However, t
Taxable services provided by the small scale service provider were exempted from whole of service tax leviable there-on upto the aggregate taxable value Rs.4 lakhs in any financial year of vide Notification No.06/2005-ST dated 01.03.2005 (effective f
Can any adjustment of tax liability be made by an assessee on his own, in cases when Service Tax has been paid in excess? i. Yes. Where an assessee has paid Service Tax to the credit of the Government in respect of a taxable service, which is not s
What are the Returns a service tax assessee has to file? ST-3 Return – For all the registered assessee, including Input Service Distributors, (Ref. Section 70 of Finance Act,1994 and Rule 7 of Service Tax Rules, 1994 read with Notfn.No. 14/2007-ST
Is the Service Tax payable by the assessee even in cases where his clients [recipient of service] do not pay for the service(s) rendered or when the client pays only a part of the bill raised in this regard? Service Tax is required to be paid at t
Form G.A.R.7 (previously known as TR6 Challan) should be used to make service tax payments. Payment of service tax may be made at the specified branches of the designated banks. The details of such Banks and branches may be obtained from the nearest
Service tax is, as the name suggests, a tax on Services. It is a tax levied on the transaction of certain services specified by the Central Government under the Finance Act, 1994. It is an indirect tax (akin to Excise Duty or Sales Tax) which means
In a significant development, Department of Revenue has issued draft Authorized Economic Operator (AEO) Scheme for stakeholders engaged in international trade. Views/ comments of trade and industry are sought on the AEO Scheme by 15 December 2010
Mumbai Income Tax authorities expect to collect Rs 2,500 crore on accounts of the ongoing Vodafone case. The collection would help the department achieve its tax collection target for this fiscal, a department press release said here today. Mumbai zone has been given a target of over Rs 1,50,000 crore for FY 11.
The Excise and Taxation Department introduced a Unique Electronic Clearing System at the Information Collection Centres (ICC) to facilitate smooth flow of traffic, reduce the waiting time of transport¬ers / taxpayers, and to minimize their inter¬face
