PENATLY FOR LATE FILING OF SERVICE TAX RETURN
Dear All
As the maximum limit of penalty for late filing of service tax return has been increased from Rs. 2,000 to Rs. 20,000 w.e.f. 1st April 2011, will this penalty will be applicable for the return pertaining to FY 2011-12 or return filed after 1st April 2011 irrespective of the period to which it pertains (i.e FY 0910 or FY 1011).
Regards
RAPG & Co.
Increased Penalty for Late Service Tax Returns Applies Post-April 1, 2011, Per Rule 7C; Max Rs. 20,000 A query was raised regarding the applicability of the increased penalty for late filing of service tax returns, from Rs. 2,000 to Rs. 20,000, effective April 1, 2011. Two responses clarified that the penalty applies to returns filed after this date, regardless of the fiscal year they pertain to. The penalty structure, as outlined in Rule 7C of the Service Tax Rules, specifies different amounts based on the delay duration, with a maximum penalty of Rs. 20,000. Examples were provided to illustrate how penalties are calculated for returns due before and after April 1, 2011. (AI Summary)
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