Amendment in Sec.76

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..... Amendment in Sec.76
Query (Issue) Started By: - Admin TMI Dated:- 1-3-2015 Last Reply Date:- 1-3-2015 Service Tax
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Service Tax
Question - what are amendment proposed in Sec.76 .....

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..... in Finance Bill 2015 ? Reply By Admin TMI: The Reply: Section 76 is being amended to rationalize penalty, in cases not involving fraud or collusion or wilful mis-statement or suppression of facts o .....

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..... r contravention of any provision of the Act or rules with the intent to evade payment of service tax, in the following manner,- (i) penalty not to exceed ten per cent of service tax amount involved i .....

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..... n such cases; (ii) no penalty is to be paid if service tax and interest is paid within 30 days of issuance of notice under section 73 (1); (iii) a reduced penalty equal to 25% of the penalty imp .....

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..... osed by the Central Excise officer by way of an order is to be paid if the service tax, interest and reduced penalty is paid within 30 days of such order; and (iv) if the service tax amount gets redu .....

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..... ced in any appellate proceeding, then penalty amount shall also stand modified accordingly, and benefit of reduced penalty ( 25% of penalty imposed) shall be admissible if service tax, interest an .....

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..... d reduced penalty is paid within 30 days of such appellate order.
Discussion Forum - Knowledge Sharing .....

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