Latest Due Dates for payment of Service tax – Rule 6, of Service Tax Rules, 1994
by Paras Mehra 5.35K
Introduction
Due dates of service tax are prescribed under Rule 6 of Service Tax rules, 1994. They are crucial to remember when you are under service tax ambit.
The payment for Service tax has to be paid electronically on or before the 6th day of the next month.
The amount of service is to be done for every month or every quarter is depend on what is your form of business? Or what is your revenue figure?
Whether it has to be paid monthly or quarterly?
It is important to understand that due dates differ according to turnover and form of business. Let us have a look at these due dates.
|
FORM OF BUSINESS |
DUE DATE |
|
Individual, Proprietorship, Partnership, Hindu Undivided family (HUF) and Limited Liability Partnership (LLP) |
Quarterly (April to June – Q1, July to September – Q2) |
|
One Person Company (if turnover is 50 lakh or less in previous financial year) w.e.f 1st April, 2016 |
Quarterly |
|
Private Limited Company, Public Limited Company, Foreign Company or any other business form like Trust, etc |
Monthly |
|
One Person Company (If turnover exceeds 50 lakh) |
Monthly |
Due date for newly formed One Person Company (OPC)
After reading the above due dates, the question may arise for the due date of newly registered One Person Company? In other words, what is the due date of One Person Company when there is no previous year?
The law is silent on this issue. But as per our interpretation of law, Government wants to provide benefit to small One Person Company and hence, the due date for newly incorporated One Person Company (OPC) will be quarterly.
Due date for Month of March – Important
The due date for the month of March for all the forms of business (including partnerships, LLP, OPC, Private limited company) will be 31st March of the calendar year and not the 6th Day of next month.
Due date Charts for all the forms of business:
- Chart for Companies with monthly payments:
|
MONTHS - PERIOD |
DUE DATE |
|
April |
6th of May, |
|
May to Feb, |
6th of Next Month |
|
March, |
31st March, |
- Chart for businesses with Quarterly payments:
|
QUARTERLY - PERIOD |
DUE DATE |
|
April to June, – Q1 |
6th of July |
|
July to September, – Q2 |
6th of October |
|
October to December, – Q3 |
6th of January |
|
January to March – Q4 |
31st March 2016 |
Conclusion
The above due dates are based on the latest amendment. However, law is very dynamic and the above due dates may change. Hence we request you to please contact us for most recent information.
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