What is section 73 1 of the Finance Act 1994?
Section 73 – Recovery of service tax not levied or paid or short-levied or short-paid or erroneously refunded – Chapter V of Finance Act, 1994.
What is extended period of limitation?
Section 11A of Central Excise Act, 1944 provides that where any duty of excise has not been levied or paid or has been short-levied or short-pain or erroneously refunded, by the reason of- fraud; or. collusion; or.
What is 66D exemption?
Under Section 66D of the Finance Act 1994, a negative list of services have been outlined, which are deemed to be exempt from service tax. Any service provided that does not come under the purview of this list is liable to be levied with service tax.
What is the penalty for not paying service tax?
Failure for not obtaining service tax registration can attact a penalty of Rs. 10,000 or Rs. 200 per day during which default continuous.
Who is liable for service tax?
the service provider
Person liable to pay service tax The tax is normally payable by the service provider. However law empowers the Government to notify a person other than the service provider to pay the service tax.. In some of the cases liability of payment of service tax has been shifted to the service provider.
What is the rate of interest on late payment of service tax?
Service Tax Interest Calculator with examples
| Period | Rate of Interest |
|---|---|
| 01.10.2014 to 13.05.2016 * | 2. 24% p.a. – Delay from 7th month to 12 month |
| 3. 30% p.a. – Delay for the period beyond 1 year | |
| 14.05.2016 onwards * | NOTIFICATION NO.13/2016-ST, DATED 01.03.2016 |
| 24% per annum : Service Tax collected but not paid before due date |
What is the time limit for revision of order under section 263?
two years
Hence, once it is established that the order under Section 263 was made/passed within the period of two years from the end of the financial year in which the order sought to be revised was passed, such an order cannot be said to be beyond the period of limitation prescribed under Section 263 (2) of the Act.
What is Section 66D?
Whoever, by means of any communication device or computer resource cheats by personation, shall be punished with imprisonment of either description for a term which may extend to three years and shall also be liable to fine which may extend to one lakh rupees. Previous Next.
What is 66D in service tax?
(ii) The entry in the Negative List that covers service by way of any process amounting to manufacture or production of goods [section 66D (f)] is being pruned to exclude any service by way of carrying out any processes for production or manufacture of alcoholic liquor for human consumption.
What is the time limit for revised return?
As per Section 139(5), an assessee can file a revised return 3 months before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
Is 66D bailable?
Similarly, in case of the offence of identity theft and cheating by personation, the offences under sections 66C and 66D of the IT Act are compoundable and bailable while the offences under sections 463, 465 and 468 of the IPC are non-compoundable and the offences under sections 468 and 420 of the IPC are non-bailable.