Due Date for Payment of Service Tax & Late Payment Penalty As per the Service Tax Rules framed by the Govt. of India, Payment of Service Tax should be made at regular intervals. The Service Tax collected by the Service Provider shall be paid to the credit of the Central Govt. on a regular basis before the Due date for Payment of Service Tax and in case of Late Payment of Service Tax – Interest shall also be payable on the Late Payment as prescribed. In case you are still not sure regarding the Rates of Service Tax, you can check the Current Rates in force by referring here – Service Tax Rates or in case you still havent registered yourself for Service Tax, refer our article on Procedure for Service Tax Registration Online Due Date for Payment of Service Tax As per Rule 6 of the Service Tax Rules 1994, the due date for payment of service tax is separate for Individual/ Partnership Firms and others. For Individual/ Partnership Firms The Due Date for Payment of Service Tax in case of Individual/Partnership Firm is 5th of the Following Quarter in which the Payment is received. However, in case the Service Tax Provider opts for online payments, he is given a grace period of 1 day and thus the Due Date for Payment of Service Tax if the Payment is made online is 6th of the following Quarter. For Others For all Service Tax Payers (except Individual and Partnership Firms), the Due Date for payment of Service Tax is 5th of the Following Month in which the Service Tax is collected. However, if the payment is made online – the due date for payment of service tax becomes 6th of the following month Exception: – Service Tax Collected for the month/quarter ending March shall be payable by 31st March of the said calendar year ======================================== CA. JEESON. C.S, B.COM, F.C.A, D.I.S.A.(I.C.A.I), P.G.D.P.R.M JEESON AND COMPANY CHARTERED ACCOUNTANTS SECOND FLOOR, U BROTHERS BUILDINGS GURUVAYOOR ROAD, KUNNAMKULAM THRISSUR DISTRICT, KERALA – 680 503 ========================================
Posted on: Fri, 05 Jul 2013 12:42:03 +0000
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