04/02/2015
Rule 7C of the service tax rules prescribes, where the return prescribed under Rule 7 is furnished after the date prescribed for submission of such return, the person liable to furnish the said return shall pay to the credit of the Central Government, for the period of delay of:
up to 15 days - Rs. 500
15-30 days - Rs. 1000
beyond 30 days from the date prescribed for submission of such return an amount of Rs1,000 plus Rs100 for every day from the 31st day till the date of furnishing the said return.
Max. Penalty is Rs 20,000 which is now prescribed under Section 70.
