What are the precautions to be taken by the assessee while payment of Service tax?
Ans. The following precautions should be taken by the assessee at the time of paying the Service Tax. • Service Tax should be paid within the time limit laid down in this regard. • It should be deposited in the designated branches of the banks specified in each Central Excise Commissionerate. • The major head and sub-head should correctly be filled in the tr-6 Challan. • The TR-6 challan should be yellow in color and should be filed in quintriplicate and duly filled. • In case of delay in making payment of service tax in time, the interest is also required to be paid at the simple rate of one and one half percent for each months or part of the months for which payment is delayed.
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