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of <h1>Amended Finance Act 1994: Service Tax Payment Deadlines and Penalties u/ss 68(2), 68(3), and 76.</h1> The circular informs the trade about amendments to the Finance Act, 1994, effective from June 15, 1997, concerning the payment of Service Tax. According to the amended Section 68(2), Service Tax collected during a month must be deposited by the 15th of the following month. Section 68(3) states that if a person fails to collect the tax, they must pay it within 75 days from the end of the month in which the service was rendered. Section 76 stipulates that failure to pay within 75 days results in a penalty, in addition to the tax and interest owed.
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