penality of late payment on service tax

[sanjay gupta]

Dear Sir,

I want to know that whiter penalty is available on late payment of service tax?

Kindly clarify in this regard

[sv bhasker]

Interest @18% under Notification 14/2011-ST in addition to other penal interest under Section76 of the Finance Act, 1994 

[YAGAY andSUN]

Yes, penalty up-to Rs. 20000/- is imposable and interes @ 18% p.a. is leviable.

[YAGAY andSUN]

Yes, penalty up-to Rs. 20000/- is imposable and interes @ 18% p.a. is leviable.

[YAGAY andSUN]

Yes, penalty up-to Rs. 20000/- is imposable and interes @ 18% p.a. is leviable.

[YAGAY andSUN]

Yes, penalty up-to Rs. 20000/- is imposable and interes @ 18% p.a. is leviable.

[sv bhasker]

dear pradeepji

It appears to me that penalty of Rs 20000/- is payable for late submission of returns under Section 70 and not for late payment of service tax which is the question. I may add now that interest is 15% in case of service providers whose taxable value is less than 60 lakhs in a year. In absence of citing Section 76,it appears that you are not in agreement with me on the interest under the said Section.

Pl correct me if I am wrong.

Regards

AI Summary

Penalty for late payment of service tax is distinct from return filing penalty; interest liabilities depend on applicable statutory provision. The discussion distinguishes a return-filing penalty, applicable for late submission of returns, from separate interest and penal interest obligations for delayed payment of service tax; contributors report differing claimed interest rates and emphasize the need to identify the correct statutory provision before imposing a return-filing penalty on late payment.