Service Tax Due Date Chart & Related Provisions

January 25, 2016 by

TAX REGISTRATION FORMS:

FORM DESCRIPTION TIME PERIOD
ST-1 Service Tax Registration Application To be Submitted By Assesses Within 30 days from the levy of service tax is brought into force or starting of business or when taxable turnover exceeds Rs. 9 lac in a Financial Year.
ST-2 Service Tax Registration Certificate Issued By Service Tax Department Within 7 days from the date of application otherwise it shall be deemed to have been granted

RATES OF SERVICE TAX:

PARTICULAR RATE
Service Tax 14%
Swachh Bharat Cess (SBC) 0.5%
Total 14.5%
Effective date 15th November,2015

BASIC EXEMPTION LIMIT

Basic Exemption Limit of Rs. 10 lac is available to Small Service Provider.

PAYMENT OF SERVICE TAX USING CHALLAN GAR-7

S.N. Assesses Frequency Due Date E-Payment* Event Consequences
(i) Individual/ Partnership firms/LLP/ Proprietorship Quarterly 6th July 6th October 6th January 31st March Delay of Payment Interest Payable**
Up to 6 Months 18%
(ii) Other Assesses (Corporate Entities, Trust & Societies) Monthly 6th of Succeeding Month More than 6 Months & Up to one year 24%
More than one year 30%

*Note: (1)E-Payment of the Service Tax is mandatory for ALL assesses w.e.f. 01-10-2014.
(2) E-Payment will be considered valid up to 8:00 pm of the respective Day.

** Note: 3% concession in interest rate for assesses having Turnover up to Rs. 60 Lacs.

SERVICE TAX RETURN IN FORM ST-3

S.N. Assesses Frequency Due Date Event Consequences
(i) All Assesses

  • Individual
  • Partnership firms
  • LLP/ Proprietorship
  • Corporate Entities, Trust & Societies
  • Other Assesses
 Half Yearly(April – Sept.) 25th October Late Filing of Return Amount of Penalty
Delay Up to 15 Days Rs. 500
Half Yearly (Oct. – March) 25th April Delay >15 Days to < 30 Days Rs. 1000
Delay > 30 Days Rs.1000 + Rs.100 for each day but not exceeding Rs. 20,000

REVISION OF FORM ST-3

ST -3 Form can be revised and submitted again within 90 days from the date of filing of original return.

PENALTIES UNDER SERVICE TAX

SECTION NATURE OF DEFAULT AMOUNT OF PENALTY
77 Default in obtaining Service Tax Registration Certificate. Up to Rs.10,000 or Rs. 200 per day till failure, whichever is higher.
77 Non-maintenance of books of accounts and documents required Up to Rs. 10000
77 Assessee fails to : (i) Furnish information called by an officer; or (ii) Procedure documents called for by a central Excise Officer: or (iii) Appear before the Central Excise Officer, When issued with a summon for appearance to give evidence or to produce a document in an inquiry. Up to Rs.10,000 or Rs. 200 per day till failure, whichever is higher.
77 Assessee fails to pay service tax electronically. Up to Rs. 10000
77 Assessee issues invoice in accordance with provisions of the Act or rules made thereunder, with incorrect or incomplete details or fails to account for an invoice in his books of account Up to Rs. 10000
78 Penalty for suppressing value of taxable service 50% of Tax Amount (if records captured are true 100% of Tax Amount (if not Recorded in Book)