Service Tax, Credit

Dear Nirav

Cenvat credit can be claimed wrt the service tax paid of Rs.1.00 lakh for the period from Oct to March. Regarding the delay in filing the return you can be levied a penalty of Rs 500/- per day of delay, so try to file the return at the earliest.

under section 77, penalty for non-filing of return is only Rs. 1000/-, penalty for non-payment of service tax under section 76 of the finance act,1994 is Rs. 200/- per day only and upto equal to servicetax evaded.

Dear Nirvah

You must show the cenvat credit of Rs 1 lacs in ST3 and carried forward the same to the next f.y. for utilisation. As regard penalty for late filing of return i am well agree with Mr A V Vishal.

dear amit ji and vishalji,

 

i am quite impressed with your replies. but can you please give me the correct section of law where penalty for non filing of return is Rs. 500/- per day so that i am not confused with the inteerpretation of law. thanx.

 the Company has imported Machineries and Custom Duty of Rs. 7 Lacs has been paid thereon. Apart from that Company has paid Rs. 1 Lac as Service Tax on various services availed during the year 2008-2009.

You can get the credit of Rs 1 lac paid as Service Tax as well you can take crdit of CVD which may be paid while paying Custom Duty of Rs. 7 lacs.You can ascertain the exact  amount from the Bill of Entry.

You have to inform to the Department about the Balance Cenvat Credit with you