Rate of service tax and Due dates for making payment of service tax-

By | November 1, 2013

Rate of service tax and Due dates for making payment of service tax-

According to provision of section 68(1) of finance act, 1994 every person liable to pay service tax is required to pay service tax at the rate specified in section 66 B. in simple words, a service provider has to pay service tax at the effective rate of 12.36% on value of all services which are subject to service tax as per the provision of finance act, 1994. And there are two mode described in act for payment of tax i.e.

1) Electronically i.e. online   2) other then internet banking.

Due dates for making payment of service tax :-

Status of service provider  Mode of payment Last date for making payment of service tax
Any person other than an individual or proprietary firm or partnership firm (including limited liability partnership ) Electronically i.e. on line payment 6th day of the month immediately following the calendar month in which the service is deemed to be provided as per the point of taxation rules, 2011. However, for the month of march, service tax has to be deposited by 31st march.
Any mode other then internet banking 5th day of the month immediately following the calendar month in which the service is deemed to be provided as per the point of taxation rules, 2011. However, for the month of march, service tax has to be deposited by 31st march
an individual or proprietary firm or partnership firm (including limited liability partnership) providing taxable services exceeding rs 50 lakh in previous year. Electronically i.e. on line payment 6th day of the month immediately following the quarter in which the service is deemed to be provided as per the point of taxation rules, 2011. However, for the month of march, service tax has to be deposited by 31st march.
an individual or proprietary firm or partnership firm (including limited liability partnership) providing taxable services up to rs 50 lakh in previous year Electronically i.e. on line payment 6th day of the month immediately following the quarter in which the payment is received towards the value of taxable services up to the service tax amounting to rs 50lakh. However, for the month of march, service tax has to be deposited by 31st march
an individual or proprietary firm or partnership firm (including limited liability partnership) providing taxable services exceeding rs 50 lakh in previous year Any mode other then internet banking 5th day of the month immediately following the quarter in which the service is deemed to be provided as per the point of taxation rules, 2011. However, for the month of march, service tax has to be deposited by 31st march.
an individual or proprietary firm or partnership firm (including limited liability partnership) providing taxable services up to rs 50 lakh in previous year Any mode other then internet banking 5th day of the month immediately following the quarter in which the payment is received towards the value of taxable services up to the service tax amounting to rs 50lakh. However, for the month of march, service tax has to be deposited by 31st march

E-Payment  under Service Tax

  • E-Payment is a payment made through which a Taxpayer can remit his tax dues to the Govt (CBEC) using Internet Banking Service. It is an additional facility being offered by the banks besides conventional procedure.
  • As per notification no. 01/2010-S.T. dated 19/02/2010, relevant period 01/04/2010 onwards, where an assessee has paid total service tax of rupees ten laces or more ( including the amount paid by utilization of CENVET Credit ) during the preceding financial year then he is mandatorily required to deposit service tax liable to be paid by him electronically through internet banking.
  • Any customer of the Bank, who is an assessee of Service Tax, can pay indirect taxes online using Internet banking service of Bank.
  • The customers of Bank can request this facility on prescribed application forms to any bank having internet banking facility.
  • E-Payment can be made 24 hours a day using Internet banking service of Bank. Payment made up to 8 pm will be accounted on the same day. However payments effected after 8 pm will only be included in next working day’s scroll by the Focal point Branch. So, to ensure timely payment, e-payment should be made latest by 8 p.m. on the due date.
  • On successful payment the Internet banking user gets a Cyber Receipt for the Tax payment, which he can save or print for his record.
  • The respective Focal Point Bank on the next working day will send the Challan copies duly receipted and stamped to the taxpayer by courier at the mailing address provided by the taxpayer.

 

 

 

 

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