PENALTY FOR LATE FILING OF ST RETURNS

[MANDAVILLI RAMAKRISHNA]

Dear all,

how much penalty to be paid for the delay in filing ST returns of 2010?

[CASeetharaman KC]

With effect from 08-04-2011 the penalty has been increased from the earlier maximum amount of Rs 2000 to Rs 20000. Please refer to Section 70 of Chapter V of the Finance Act, 1994. This revision is prospective in nature and therefore for the year 2010 the older provision would apply and the penalty chatgeable should be Rs 2000 only

AI Summary

Penalty for late filing of service tax returns revised prospectively; pre revision 2010 returns remain subject to the earlier penalty regime. Amendment to the Finance Act raised the statutory maximum penalty for late filing of service tax returns effective 08-04-2011 under Section 70 of Chapter V; the revision applies prospectively, so delays in 2010 are subject to the pre amendment, lower penalty regime.