TaxTMI 
TaxTMI 
Penalty for late filing of return
22 Oct 2007 
1 Reply 
1791 Views Asked by
Penalty for late filing: notification caps penalty for delayed service tax returns at not exceeding the tax due.
Notification No.20/2007 prescribes the penalty for delayed ST-3 filings and caps the penalty at an amount not exceeding the tax due; it supersedes inconsistent retrospective explanations. A revised return filed where the original was within the due date or filed with penalty is to be treated as valid in relation to the original return, not as a late filing. (AI Summary)
Notification No.20/2007 prescribes the penalty for delayed ST-3 filings and caps the penalty at an amount not exceeding the tax due; it supersedes inconsistent retrospective explanations. A revised return filed where the original was within the due date or filed with penalty is to be treated as valid in relation to the original return, not as a late filing. (AI Summary)
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 ???