TaxTMI 
TaxTMI 
TaxTMI 
Dear all,
how much penalty to be paid for the delay in filing ST returns of 2010?
PENALTY FOR LATE FILING OF ST RETURNS
MANDAVILLI RAMAKRISHNA
Penalty for Late Service Tax Returns in 2010 Capped at Rs 2000, as per Section 70 of Finance Act 1994. A query was raised regarding the penalty for late filing of service tax returns for the year 2010. In response, it was clarified that as of April 8, 2011, the maximum penalty was increased from Rs 2000 to Rs 20000. However, since this change is prospective, the penalty applicable for the year 2010 remains Rs 2000, as per the provisions of Section 70 of Chapter V of the Finance Act, 1994. (AI Summary)