Amendment in Sec.73, Service Tax

[Admin TMI]

Question - What are proposed amendment in Section 73 in Finance Bill 2015 ?

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[Admin TMI]

Section 73 is being amended in the following manner:

(i) a new sub-section (1B) is being inserted to provide that recovery of the service tax amount self-assessed and declared in the return but not paid shall be made under section 87, without service of any notice under sub-section (1) of section 73,; and

(ii) sub-section (4A), that provides for reduced penalty if true and complete details of transaction were available on specified records, is being omitted.