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Simplification of Section 76 of Finance Act, 1994

Service Tax - By: - Pradeep Jain - Dated:- 2-3-2015 Last Replied Date:- 30-12-1899 - Introduction:- The budget 2015 has focussed on substituting penalty provisions under the Central Excise Act, 1944 and under the Finance Act. The major penalty sectio .....

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is an attempt to analyse the changes made in section 76 of the Finance Act which concerns with levy of penalty for non-payment or short payment of service tax for reasons other than fraud, collusion, wilful misstatement or suppression of facts with .....

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shall pay, in addition to such tax and the interest on that tax in accordance with the provisions of section 75, a penalty which shall not be less than [one] hundred rupees for every day during which such failure continues or at the rate of [one] pe .....

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shall not exceed [fifty per cent of] service tax payable. Amended provision of Section 76:- 76. (1) Where service tax has not been levied or paid, or has been short-levied or short-paid, or erroneously refunded, for any reason, other than the reason .....

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er sub-section (1) of section 73 shall, in addition to the service tax and interest specified in the notice, be also liable to pay a penalty not exceeding ten per cent. of the amount of such service tax: Provided that where such service tax and inter .....

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ax under sub-section (2) of section 73, the penalty payable shall be twenty-five per cent. of the penalty imposed in that order, only if such reduced penalty is also paid within such period. (2) Where the Commissioner (Appeals), the Appellate Tribuna .....

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sub-section (1) shall be available if such service tax, interest and reduced penalty so payable, is paid within a period of thirty days from the date of receipt of the order by which such modification is made. Conclusion:- After pursuing the amended .....

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