Service Tax - Section 70 + Rule 7 1. As per rule 7, it is mandatory for every assessee to submit half yearly return electronically. 2. Even if the assessee has provided no service a NIL return shall be filed by the assessee. On non filing a penalty shall be imposed but the CEO may at his discretion reduce or waive the penalty. 3. Return shall be submitted within 25 days from the end of half year i.e., 1st April to 30st September - upto 25th October 1st October to 31st March – upto 25th April (Not 31st March, the only exception in service tax) 4. In case return is not filed on time, maximum late fees is 20,000 (can be below 20,000 also) Join with us : facebook/groups/caultimates Revised return Rule 7B - 1. Assessee shall submit a revised return within a period of 90 days from the date of submission of original return. 2. Late return can also be revised. Section 70 - 1. Every person shall file service tax return if he is liable to pay service tax. 2. Return shall be filed even if no service is provided. note - IPCC Imp. Useful Links goo.gl/vpWjvY
Posted on: Sat, 24 May 2014 10:59:04 +0000
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