Penalty for late filing of return

[ranganath shenoy]

The service provider wants to delay the filing of half yearly service tax return by 15 days in order to file a correct return for which he requires the time.Apart from the late fees of RS.500/, are there any other cosequences.Are there any other penalties for late filing.Are we barred from rectifyng a late return within sixty days.Is benefit of provisional assesment lost etc ???

[Guest]

In my opinion and threshold notification no.20/2007 Dt. 12th May 2007 clearly specify the details of penalty payable in case of delay in filing ST.3 returns. The said notification also specifies the amount of penalty should not exceeds the amount payable as Tax. Hence we must follow the said notification to pay penalty in case of delay in filing the return which supersede retrospective explanation if any. In case of rectification of return should not to be considered for late filing return, once return filed with in due date or with penalty "The revised return will count/will be valied to such original return not as late filing correct return or otherwise.

AI Summary

Service Provider Queries Late Filing Penalties and Rectification Rules Under Notification No. 20/2007 for Service Tax Returns A service provider intends to delay filing a half-yearly service tax return by 15 days to ensure accuracy. Besides a late fee of Rs. 500, they inquire about other penalties, the ability to rectify a late return within 60 days, and the impact on provisional assessment benefits. The response clarifies that according to notification no. 20/2007, penalties for late filing should not exceed the tax amount due. It also states that rectifying a return is not considered late filing if done within the due date or with the applicable penalty, and the revised return is valid as an original return.