Summary
659
3) 4) 5)
Challan no Bank branch code (7 digit) Accounting code (8 digit)
8. Interest
a) Interest for failure to pay the tax as per the Act or any rules made thereunder is 13% per annum for each day of default. Where any amount has been collected in excess, interest at the rate of 13% per annum has to be paid. Where interest has been paid by cheque, the date of presentation of the cheque to the designated bank shall be deemed to be the date on which service tax has been paid subject to realization of that cheque.
b) c)
9. Penalties
a) Penalty for failure to pay service tax (with effect from 18-42006) is not less than Rs 200 per day during which the failure continues, or two per cent per month of the tax due, whichever is higher. The period of default starts with the first day after the due date and end with the date of payment. Maximum penalty that can be levied is the amount of service tax payable. No penalty is levied if the assessee proves a reasonable cause for failure. General of an amount not exceeding Rs 1000 for any contravention under the Act or Rules made thereunder for which no penalty has been described elsewhere. No penalty is levied if the assessee proves a reasonable cause for failure. Penalty for suppressing value of taxable service is not less than value not levied/not paid/short levied/short paid/ erroneously refunded and not more than twice such amount. No penalty is levied if the assessee proves a reasonable cause for failure.
b)
c)
ERE-44