service tax penalty

Section wise Penalty Chart under GST

Goods and Services Tax - All about Penalties under GSTArticle discusses Penalties under GST regime for failure to furnish returns i.e. details of Outward supplies or Inward supplies, Failure to furnish Annual return u/s 44, Electronic Commerce operator failing to furnish information required through Notice u/s 52(12), failure to pay tax or correct tax, Person cov...

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Penalty for Late Filing of Service tax Return

Goods and Services Tax - File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000 - Under the existing scheme of law, Rule 7 of the Service tax Rules, 1994 read with its sub-rules deals with the provisions relating to the service tax return. As per Rule 7C; where the return prescribed under rule 7 is furnished after the date prescribed f...

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Penalties under Service Tax w.e.f. 14.05.2015

Goods and Services Tax - Finance Act 2015 has drastically amended the penalty provisions under the Finance Act 1994 (Service Tax law) in order to ensure nondiscriminatory form of penalties. Earlier penalties u/s 76 (for short payment of S/Tax) and u/s 78(Suppression of facts) used to be at Rs 100/- per day or 1% per month whichever is higher. This lead to the num...

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Penalties Section 76 & 78 of the Finance Act under Service Tax

Goods and Services Tax - Service tax has become a major source of revenue to the government. Service tax being complicated on many issues and interpretation often lead to litigation. Government has also expanded the service tax department considerably to stop and find out tax evasion. Knowingly or unknowingly, if one remains fail to comply with the service tax pr...

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Penalties Under Service Tax Law

Goods and Services Tax - Section 70 (1) late fee for delay in filing the return- If Half-yearly Service Tax Return (ST-3 / ST-3A) is filed after the due date of return filing then, the assessee is required to deposit late fees depending upon the period of delay. Such late fee can be a maximum of Rs. 20,000/- [ Please Refer: Section 70(1), Finance Act, 1994)...

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Service Tax Penalty norms encouraging voluntary compliance

Goods and Services Tax - He said, the second significant change is in respect of penalty provisions vide Sections 73, 76 and 78. These provisions have been rationalised and harmonized to encourage voluntary payments. In case of voluntary payments along with interest, the quantum of penalties have been rationalized by reducing the percentage of penalty depending u...

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Recent Posts in "service tax penalty"

Section wise Penalty Chart under GST

All about Penalties under GSTArticle discusses Penalties under GST regime for failure to furnish returns i.e. details of Outward supplies or Inward supplies, Failure to furnish Annual return u/s 44, Electronic Commerce operator failing to furnish information required through Notice u/s 52(12), failure to pay tax or correct tax, Person cov...

Read More

Penalty for Late Filing of Service tax Return

File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000 - Under the existing scheme of law, Rule 7 of the Service tax Rules, 1994 read with its sub-rules deals with the provisions relating to the service tax return. As per Rule 7C; where the return prescribed under rule 7 is furnished after the date prescribed f...

Read More

Penalties under Service Tax w.e.f. 14.05.2015

Finance Act 2015 has drastically amended the penalty provisions under the Finance Act 1994 (Service Tax law) in order to ensure nondiscriminatory form of penalties. Earlier penalties u/s 76 (for short payment of S/Tax) and u/s 78(Suppression of facts) used to be at Rs 100/- per day or 1% per month whichever is higher. This lead to the num...

Read More

Penalties Section 76 & 78 of the Finance Act under Service Tax

Service tax has become a major source of revenue to the government. Service tax being complicated on many issues and interpretation often lead to litigation. Government has also expanded the service tax department considerably to stop and find out tax evasion. Knowingly or unknowingly, if one remains fail to comply with the service tax pr...

Read More

Penalties Under Service Tax Law

Section 70 (1) late fee for delay in filing the return- If Half-yearly Service Tax Return (ST-3 / ST-3A) is filed after the due date of return filing then, the assessee is required to deposit late fees depending upon the period of delay. Such late fee can be a maximum of Rs. 20,000/- [ Please Refer: Section 70(1), Finance Act, 1994)...

Read More

Service Tax Penalty norms encouraging voluntary compliance

He said, the second significant change is in respect of penalty provisions vide Sections 73, 76 and 78. These provisions have been rationalised and harmonized to encourage voluntary payments. In case of voluntary payments along with interest, the quantum of penalties have been rationalized by reducing the percentage of penalty depending u...

Read More

Streamlined and Harsh Penal Provisions under Service Tax

Budget 2015 came with many of the amendment covering the exempt field under tax net. With the implementation of the same the penalty under the service tax is streamlined along with some harsh measure. Section 80 has been deleted from the book of Finance Act, now even in the case of reasonable cause of mistake service providers has to pay ...

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Loopholes in Prosecution & Penalties in Central Excise & Service Tax

Summary of Recommendations by Comptroller and Auditor General  of India on Administration of  Prosecution and Penalties in   Central Excise and Service Tax  vide Report No. 29 of 2014 (Performance Audit) Ministry may ensure that all long‐pending prosecution cases are reviewed at periodic intervals by Chief Commissio...

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Nil Service tax Return / VCES / Penalty for Late Filing when no service is rendered?

Persons who are not liable to pay service tax (because of an exemption including turnover based exemption), are not required to file ST-3 return in terms of Circular No.97/8/07-ST dated August 23, 2007 and cited judgement. Even if service tax return is filed late/ failed to file return – No Penalty in terms of Rule 7C of the STR. ...

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Rs. 20,000/- penalty for non-filing of Quarterly Service Tax return??

ACES has started accepting Service Tax (ST-3) returns for the period April to June 2012 revising the earlier forms by removing few bugs. The extended time to file now is till 25th Nov for Apr to Jun 12 ST Returns. Returns for July to September 2012 is still undergoing some structural changes. ...

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