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TMI Blogpenality of late payment on service taxX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Sir, I want to know that whiter penalty is available on late payment of service tax? Kindly clarify in this regard - Reply By sv bhasker - The Reply = Interest @18% under Notification 14/2011-ST in addition to other penal interest under Section76 of the Finance Act, 1994 - Reply By Pradeep Khatri - The Reply = Yes, penalty up-to Rs. 20000/- is imposable and interes @ 18% p.a. i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s leviable. - Reply By Pradeep Khatri - The Reply = Yes, penalty up-to Rs. 20000/- is imposable and interes @ 18% p.a. is leviable. - Reply By Pradeep Khatri - The Reply = Yes, penalty up-to Rs. 20000/- is imposable and interes @ 18% p.a. is leviable. - Reply By Pradeep Khatri - The Reply = Yes, penalty up-to Rs. 20000/- is imposable and interes @ 18% p.a. is leviable. - Reply By sv bhasker ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - The Reply = dear pradeepji It appears to me that penalty of Rs 20000/- is payable for late submission of returns under Section 70 and not for late payment of service tax which is the question. I may add now that interest is 15% in case of service providers whose taxable value is less than 60 lakhs in a year. In absence of citing Section 76,it appears that you are not in agreement with me on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the interest under the said Section. Pl correct me if I am wrong. Regards - penality of late payment on service tax - Query Started By: - sanjay gupta Dated:- 14-9-2011 Service Tax - Got 6 Replies - Service Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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