Amendment in Section 78

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..... Amendment in Section 78
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 proposed amendment in Se .....

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..... ction 78 in Finance Bill 2015 ? Reply By Admin TMI: The Reply: Section 78 is being amended to rationalize penalty, in cases involving fraud or collusion or wilful mis-statement or suppression of fac .....

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..... ts or contravention of any provision of the Act or rules with the intent to evade payment of service tax, in the following manner,- (i) penalty shall be hundred per cent of service tax amount involve .....

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..... d in such cases; (ii) penalty equal to 15% of the service tax amount is to be paid if service tax, interest and reduced penalty is paid within 30 days of service of notice in this regard; (iii) .....

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..... a reduced penalty equal to 25% of the service tax amount determined by the Central Excise Officer, by an order, is to be paid if the service tax, interest and reduced penalty is paid within 30 day .....

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..... s of such order; and (iv) if the service tax amount gets reduced in any appellate proceeding, then penalty amount shall also stand modified accordingly, and benefit of reduced penalty (25%) shall .....

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..... be admissible if service tax, interest and reduced penalty is paid within 30 days of such appellate order.
Discussion Forum - Knowledge Sharing .....

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