Time limit prescribed for payment of Service Tax - Service Tax - Trade Notice No. 92/97 - Cochin

Attention of the trade is invited to this Office Trade Notice No. 83/97, dated 10-6-1997. The provisions of Sections 68 and 76 of the Finance Act, 1994 has been amended by the Finance Act, 1997. This amendment came into force from 15th June, 1997. As per Section 68(2) of the Finance Act, 1994 the Service Tax collected during a month shall be deposited to the Government account by the 15th of the succeeding month. As per Section 68(3) of the Finance Act, 1994 as amended, a person responsible for collecting the Service Tax who fails to collect such tax is liable to pay such tax to the Government within 75 days from the close of the month in which the service is rendered. Section 76 as amended, provides that in case of failure to pay the tax within the period of 75 days the person responsible for collecting the Service Tax shall in addition to the Tax and interest payable thereon be liable to pay a penalty.