The taxpayer will login to the net-banking site with the user ID/ password provided by the bank for net-banking purpose and enter payment details at the bank site. On successful payment, a challan counterfoil will be displayed containing CIN, payment details and bank name through which e-payment has been made.
Is service tax still charged while providing the service?
So, as per law, Service Tax has been phased out by GST and customers are not supposed to pay it. However, the Service Charge is still applicable.
What is the correct based for payment of service tax?
E-payment is mandatory for assesses who have paid service tax of Rs. 10 lakhs or more including the amount paid by utilization of CENVAT credit, in the preceding financial year. (Refer Rule 6(2) of Service Tax Rules,1994). However, there is no bar for other assessees to pay their tax electronically.
What is taxable service under service tax?
1.1 As on 1st May, 2011, 119 services are taxable services in India. These taxable services are specified in Section 65(105) of the Finance Act,1994. Generally, the liability to pay service tax has been placed on the ‘service provider’. However, in respect of the taxable services notified under Sec.
What is the due date for payment of service tax?
If the service taxes are paid online through internet banking, etc., the payments will be due on the 6th of every month and the 31st of March. If the service taxes are paid by any other means, the payments will be due on the 5th of every month and the 31st of March.
How can I download service tax return now?
The same can be downloaded from It can also be accessed from ‘DOWNLOADS’ section of ACES website, The online version of the same will be made available shortly and the exact date will be intimated on ACES website.
What happens if service tax is not paid?
If an assessee has not filed his or her service tax return for more than 30 days following the expiry of the prescribed deadline, then a late payment fee of Rs 1,000, along with an extra charge of Rs 100 for every additional day of delay in excess of the initial 30 days, will be charged.
What is the time limit for service tax notice?
Section 73(l) of the Finance Act, 1994 envisages, inter alia, that where Service Tax has not been paid or short paid or erroneously refunded, SCN is to be served within eighteen months from the relevant date in normal case (within one year up to 27th May 2012) and within five years from the relevant date in case of …
Who is responsible to collect the service tax?
Person liable to pay service tax is governed by Service Tax Rules, 1994 he may be service provider or service receiver or any other person made so liable. It is an indirect tax wherein the service provider collects the tax on services from service receiver and pays the same to government of India.
What is the interest rate for late payment of service tax?
60 Lakhs, the rate of interest for late payment of service tax in such cases would be 12%….Late Payment of Service Tax.
| Service Tax not collected and not deposited | 15% |
|---|---|
| Service Tax collected but not deposited | 24% |
Is there a service tax on financial services?
W.e.f.1.07
Who is required to issue an invoice under service tax?
As per Rule 4A (1) of Service Tax Rules, 1994 every person providing a taxable service is required to issue an invoice or bill signed by such person or a person authorized by him in respect of taxable service provided or to be provided by him and such invoice or bill, as the case may be.
Which is the due date for service tax payment?
1. Payments through Bank : By 5th of the month immediately following the month in which payments are received towards the value of taxable services. However, in case of March, the payment should be made by 31st March. 2. Electronic Payments through Internet : – by 31st March. payments are received towards the value of taxable services.
Is the service tax on incentives, service tax taxable?
Yes, these incentive are very well covered under ‘BAS’ and taxable under Negative list regime. 2Dated: 8-5-2013 By:- CA Seetharaman K C This is still a grey area and there are tribunal decisions where these target incentives have been excluded from service tax although the revenue has taken a stand that it is taxable under BAS.
