Amendment of section 75
150. In the 1994 Act, in section 75, for the words ‘‘Provided that’’, the following shall be substituted, namely:-
‘‘Provided that in the case of a person who collects any amount as service tax but fails to pay the amount so collected to the credit of the Central Government, on or before the date on which such payment is due, the Central Government may, by notification in the Official Gazette, specify such other rate of interest, as it may deem necessary:
Provided further that’’.
Notes on Clauses:
Clause 150 of the Bill seeks to amend section 75 of the 1994 Act to insert a proviso therein, so as to empower the Central Government to specify, by notification, separate rate of interest in the case of person who collects service tax but fails to pay such amount so collected to the credit of the Central Government on or before the due date of payment.