You need to pay service tax by 31st march – Is it Fair? – Advisory, Tax and Regulatory Compliance in India, Singapore and USA

You need to pay service tax by 31st march – Is it Fair?

GST & Other Indirect Taxes | By ALOK PATNIA | Last updated on Nov 22, 2019

31^st March is already marked with many due dates for compliances to be made. Are you aware of the due date of service tax payment? If not then, allow us to put some light over this.

The due date for service tax payment for the last quarter/ month is 31^st March. Yes, you read it correctly. It is 31^st March only. So, do not forget to add Service Tax Payment to the list of 31^st March. You need to pay service tax by 31st march – Is it Fair?

Where already the to-do list for 31^st March is so long and hectic, is it fair to add such due dates to this? The format of due date for the last quarter/ month shall also be same as in other quarter/ month. The time allotted for depositing service tax shall be given equally for all the period.

A trick, to get extra time for payment of your service tax during lat few days of the month. Try to avoid issue any invoices during such period, if possible. Let it get delayed for few days which will provide one month for payment of tax. This will reduce the pressure of depositing service tax at the last moment and will comprehend your finance properly.

Service Tax collected from client/ customers shall be paid to the account of government within the due date specified. If there is any delay in payment then interest and penalty must be paid.

Due Date for Individuals or Partnership Firms:

Period	Due Date
April-June, July-Sept, Oct-Dec.	5^th (6^th for e-payment)day of the month following the respective quarter
Jan- March	31^st March of the FY

Due Date for Other Than Individuals and Partnership Firms:

Period	Due Date
April- Feb	5^th (6^th for e-payment)day of the following month in which service tax is collected
March	31^st March of the FY

Interest rate on delayed payment:

Delay in months	Simple Interest Rate Per Year
Upto 6 months	18%
From 6 months to 1 year	24%
More than 1 year	30%

For any assistance, contact us https://taxmantra.com/services/business-maintenance-back/corporate/service-tax/

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31^st March is already marked with many due dates for compliances to be made. Are you aware of the due date of service tax payment? If not then, allow us to put some light over this.

Service Tax collected from client/ customers shall be paid to the account of government within the due date specified. If there is any delay in payment then interest and penalty must be paid.

Due Date for Individuals or Partnership Firms:

Period	Due Date
April-June, July-Sept, Oct-Dec.	5^th (6^th for e-payment)day of the month following the respective quarter
Jan- March	31^st March of the FY

Due Date for Other Than Individuals and Partnership Firms:

Period	Due Date
April- Feb	5^th (6^th for e-payment)day of the following month in which service tax is collected
March	31^st March of the FY

Interest rate on delayed payment:

Delay in months	Simple Interest Rate Per Year
Upto 6 months	18%
From 6 months to 1 year	24%
More than 1 year	30%

For any assistance, contact us https://taxmantra.com/services/business-maintenance-back/corporate/service-tax/

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