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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 section 11AC has been substituted and similar changes have been made in the section 76 and 78 of the Finance Act. It appears that the intention of the government is to align the penal provisions as contained in the Excise and Service tax laws. This article .....

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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] percent of such tax, per month, whichever is higher, starting with the first day after the due date till the date of actual payment of the outstanding amount of service tax: Provided that the total amount of the penalty payable in terms of this section .....

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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 interest is paid within a period of thirty days of- (i) the date of service of notice under sub-section (1) of section 73, no penalty shall be payable; (ii) the date of receipt of the order of the Central Excise Officer determining the amount of service t .....

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