It is important to do the service tax payment within the due dates by the people and the companies who are eligible to pay the taxes. It is a mandatory task to pay the service taxes within the specified dates. Any person or company that has equal to or more than additional 9 lac rupees per year are compelled to register for the service tax and pay it. At present, the service is a levy of 14 percent. The people or the companies who provides services worth less than 10 lac rupees are free of the obligation to collect and pay the dues of the service tax. The following passages of this article will account the details of the service tax payment along with their due dates and other related information in India.
Due Dates for the Service Tax Payment
Mainly there are two formats of the due dates for the payment of service taxes. This can be done either monthly or quarterly. All the information regarding this topic has been detailed in the list below.
Quarterly Payment – Due Dates of the Payment of Individual Service Tax
The payment is to be done quarterly for the individuals who are providing services with compulsory taxation. If the format of the payment is to be paid through an electronic medium such as online banking, then the due date of the payment of the service tax are:
- 6th of July
- 6th of October
- 6th of January
- 31st of March
If the format of the payment is to be paid in any other format other than electronic medium, then the due dates of the payment of the service tax for the individuals are:
- 5th of July
- 5th of October
- 5th of January
- 31st of March
Quarterly Payment – Due Dates of the Payment of Proprietorship Service Tax
The payment is to be done quarterly for the proprietorship who are providing services with compulsory taxation. If the format of the payment is to be paid through an electronic medium such as online banking, then the due date of the payment of the service tax are:
- 6th of July
- 6th of October
- 6th of January
- 31st of March
If the format of the payment is to be paid in any other format other than electronic medium, then the due dates of the payment of the service tax for the proprietorships are:
- 5th of July
- 5th of October
- 5th of January
- 31st of March
Quarterly Payment – Due Dates of the Payment of Partnership Service Tax
The payment is to be done quarterly for the partnership who are providing services with compulsory taxation. If the format of the payment is to be paid through an electronic medium such as online banking, then the due date of the payment of the service tax are:
- 6th of July
- 6th of October
- 6th of January
- 31st of March
If the format of the payment is to be paid in any other format other than electronic medium, then the due dates of the service tax payment for the partnerships are:
- 5th of July
- 5th of October
- 5th of January
- 31st of March
Monthly Payment – Due Dates of the Payment of Service Tax of Private Limited Company
The payment is to be done monthly for the private limited companies who are providing services with compulsory taxation. If the format of the payment is to be paid through an electronic medium such as online banking, then the due date of the payment of the service tax are:
- 6th of each month except March
- 31st of March
If the format of the payment is to be paid in any other format other than electronic medium, then the due dates of the payment of the service tax for the private limited companies are:
- 5th of each month except March
- 31st of March
Monthly Payment – Due Dates of the Payment of Service Tax of LLP (limited liability Partnership)
The payment is to be done monthly for the LLP (limited liability Partnership) who are providing services with compulsory taxation. If the format of the payment is to be paid through an electronic medium such as online banking, then the due date of the payment of the service tax are:
- 6th of each month except March
- 31st of March
If the format of the payment is to be paid in any other format other than electronic medium, then the due dates of the service tax payment for the LLP (limited liability Partnership) are:
- 5th of each month except March
- 31st of March
Monthly Payment – Due Dates of the Payment of Service Tax of One-person Company Service
The payment is to be done monthly for the One-person Company Service (OCP) who are providing services with compulsory taxation. If the format of the payment is to be paid through an electronic medium such as online banking, then the due date of the payment of the service tax are:
- 6th of each month except March
- 31st of March
If the format of the payment is to be paid in any other format other than electronic medium, then the due dates of the payment of the service tax for the One-person Company Service (OCP) are:
- 5th of each month except March
- 31st of March
Return Due Date of the Service Tax Payment
All the companies or individuals who are eligible to pay the service tax or those who has done the registration of the service tax are bound to file the returns of the service tax. Those who have done the registration of the service tax payment are mandated to file the returns of the service tax. It has to be done online. The due dates of the service tax are to be done twice per year. These are:
- 25th April
- 25th October
Company Vakil can be very helpful with the filing of the Service Tax return. To know more about the filing of the Service Tax returns, visit CompanyVakil.com
How to make the Service Tax Payment
Payment of the service tax is to be done through the GAR-7 challan. In this case, the payment of the tax is to being done through a check, then the date of the payment is the date when the check is presented in the Bank and it is subjected to realization. It is better to make the payment online. An Assessee is mandated to make the payment online if the he or she fulfills the conditions given below:
- Has made payment of service tax totaling one lac rupees along with the amount that is paid through the utilization of the credit of CENVAT
- The payment is done in the previous FY (financial year)
Penalty for Belated Service Tax Payment
For the payments that are done late, some penalties are exercised. At present, the penalty for belated payment of the service tax is to pay the simple interest along with the actual payment. These are:
- Late payment of Service Tax – Late payment of upto 6 months – 18%
- Late payment of Service Tax – Late payment from 6 months to 1 year – 24%
- Late payment of Service Tax – Late payment from 1 year to more – 30%
Note that if the Assesse if an individual service provider with taxable services that are provided in one financial year do not cross the limit of 60 lac rupees worth for those services, then the interest rate of the penalty is diminished by 3 percent.
For more information about the service tax payment or filing of the returns of service tax, visit, CompanyVakil.com
