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 Tax and transparencya

Ministry quantifies late fee on service tax returns
May, 14th 2007
The Finance Ministry has specified the late fee that would be applicable for delayed filing of service tax returns.

This late fee has been linked to the period of delay for filing of returns after the due date.

The move to quantify the late fees came a day after the President, Mr A.P.J. Abdul Kalam, gave his nod for the Finance Bill 2007.

The late fee would be Rs 500 for the first fifteen days and Rs 1,000 for delay of more than 15 days but less than 30 days, the Central Board of Excise and Customs has said.

For delay beyond 30 days, the Government has pegged the late fee at Rs 1,000 plus Rs 100 per day, but not more than Rs 2,000.

There would be no further penal proceedings once the late fee is paid.

This would apply to pending cases also, the Board has said. Currently, filing of return after the due date is treated as a violation and is liable for penal action.

For 2007-08, the Government has pegged the service tax collections target at Rs 50,200 crore.

 
 
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