TaxTMI 
TaxTMI 
Can anyone please explain Rule 07C of service tax rule 1994.?
Rule 07C, Service Tax Rules
23 Aug 2012 
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Late fee regime for service tax returns sets tiered charges with a cap limiting aggregate additional fee liability.
Late fee for delayed filing of service tax returns is set by the service tax rule read with the statutory provision: a tiered fee structure applies depending on the length of delay measured from the day after the due date, culminating in a daily incremental charge for prolonged delay, but aggregate additional fee liability is subject to an overall monetary cap. Administrative guidance confirms retention of the cap and explains the period after which the cap comes into effect. (AI Summary)
Late fee for delayed filing of service tax returns is set by the service tax rule read with the statutory provision: a tiered fee structure applies depending on the length of delay measured from the day after the due date, culminating in a daily incremental charge for prolonged delay, but aggregate additional fee liability is subject to an overall monetary cap. Administrative guidance confirms retention of the cap and explains the period after which the cap comes into effect. (AI Summary)