Peanlty Rs.20000 applicable to old ST returns submitted now?

[Prakash Bhandari]

Can any body clarify that wheather the maximum penalty (which is increased from Rs.2000 to Rs.20000) is applicable to the returns submitted now, however pertaining to period prior to 31/03/2011?

[YAGAY andSUN]

Please be specific about your query that it pertains to which law /state i.e. Sales Tax, Service Tax etc.

 

[Prakash Bhandari]

service tax

[YAGAY andSUN]

It is applicable from 01-04-2011.

[Prakash Bhandari]

Precisely it is applicable from 07/04/2011. However my question was whether Service Tax return pertaining to period prior to 31/03/2011 would attract penalty of Rs. 20000 upon late filing.

[KASTURI SETHI]

UPDATION

Section 70 of the Finance Act was amended w.e.f.8.4.2011(date of enactment) and not from 7.4.2011. Hence applicable from 8.4.2011 and not retrospectively.

AI Summary

Penalty increase for late service tax returns applies from enactment date and does not cover returns for earlier periods. The amendment increasing the maximum penalty for late filing of service tax returns takes effect from the date of enactment and is not retrospective; the effective date was identified as 8 April 2011, so the enhanced penalty does not apply to returns relating exclusively to periods before 31 March 2011.