SERVICE TAX: Exemption Limit, Rates, Forms, Challans, Interest Rates, Penalties, Due Dates
Basic Exemption Limit
- INR.10 lacs is available to small Service Provider.
- The rate of Service Tax is 12.36% up to 31st May, 2015.
- The effective rate of service tax will go up by another 2% if and when the Central Government exercises its power to introduce a 'Swachh Bharat Cess' on all or any of the taxable service.
All services will now attract service tax except services specified in the Negative List and Exemption Notifications (w.e.f. 01-07-2012).
Service Tax Registration Forms
Payment of Service Tax using challan GAR-7
* Note :
- For the period ended March, due date is 31st March
- E-Payment of the Service Tax is mandatory for ALL assesses w.e.f. 01-10-2014.
- E-Payment will be considered valid up to 8:00 pm of the respective day.
- If the Assistant Commissioner or the deputy commissioner of central excise, as the case may be, having jurisdiction, may for reasons to be recorded in writing, allow the assesses to deposit the ST by any mode other than internet banking.
Interest Rate for Delayed Payment
Note: 3% concession in interest rate for assesses having turnover up to INR. 60 Lacs
Half yearly Return in Form ST-3
Service Tax Late Filling Penalties
* The maximum penalty imposable u/s. 76 is up to 10% of the tax. Hence the maximum penalty payable in such cases would be 2.5% of Service Tax i.e. (25% of 10%)