Service tax skipped

Service tax skipped

We are mutual fund brokers.Apart from brokerage income we get income from services to companies.it is a 1 1/2 year old company.
We have started receiving income from June 2016 .the brokerage till 31-03-2017 earned is 14.5 lakhs and from services we got 4 lakhs. We have not charged service tax on mutual fund and neither on services bill.
We are in service tax net as per CA.we don't have service tax number but recently applied for GST.

What would be the best possible way out.

Asked 6 years ago in Service Tax

Hello,

The best possible way out is to yourself approach the Service Tax Department, declare your income and pay the respective Service tax along with interest in order to avoid future consequences.

In case you do not opt for the above procedure you may sit back and wait. The department may or may not get back to you, incase they do then you will have to pay service tax plus interest plus penalty as applicable.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, ACA, LLB-GEN, CERT. FAFP

Rohit R Sharma

CA, Mumbai

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Thnks for your reply.We have not applied for service tax number and now service tax number is replaced with GST. In this case how we can take service tax number and pay full taxes.

Asked 6 years ago

Hi,

You have to options:

1. First and safest option is upfront meet the service tax officer and settle the dues.

2. Do nothing. Service tax department may or may not come to know about it. If they get to know about it, you have to pay your dues with interest and penalty.

Abhishek Dugar

CA, Mumbai

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Hello,

You cannot take a service tax number but you can voluntarily approach the department, they will make you make the payment against your PAN.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, ACA, LLB-GEN, CERT. FAFP

Rohit R Sharma

CA, Mumbai

2104 Answers

95 Consultations

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You cannot obtain a service tax registration number now. However, you may approach the service tax department and pay the due taxes and interest, against your PAN.

Regards,

Keerthiga Padmanabhan

M.Com., CA, LL.B

Keerthiga Padmanabhan

CA, Greater Mumbai

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