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Assessment procedures - Indirect tax - Budget 2015

Tax in General + Budget + Finance Acts - By: - CS Swati Dodhi - Dated:- 2-3-2015 Last Replied Date:- 30-12-1899 - Customs duty Policy changes The following changes will be effective on enactment of the Finance Bill: Penal provisions in cases not involving fraud or collusion or willful misrepresentation of facts or contravention of any provision have been proposed to be rationalized wherein: ► No penalty to be imposed in case the duty and interest are paid within 30 days from the date of re .....

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ent of the Finance Bill. ► Maximum penalty on improper importation and/or exportation of goods under Section 112 and Section 114 reduced from 100% of duty amount to 10% of duty amount. Excise duty Policy changes The following changes will be effective from the date of enactment of Finance Bill ► Specific rules to be introduced for recovery of excise duty where the non-payment or short payment of duty is reflected in the periodic returns. ► Penalty provisions in cases not involv .....

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visions in cases involving fraud or collusion or willful misrepresentation of facts or contravention of any provision have been proposed to be rationalized wherein penalty to be imposed would be: ► Equivalent to the duty determined; ► 50% of the duty determined where the details relating to transactions are recorded in the specified record for the period beginning with 8 April 2011 and up to the date of enactment of the Finance Bill; ► 15% of duty determined, if duty and intere .....

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of 15% of the duty; ► In cases not involving fraud, collusion, willful mis-statement, etc. - payment of duty and interest. ► If show cause notices are adjudicated after the enactment of the Finance Bill, then option to pay reduced penalty within 30 days of communication of the adjudication order. Service tax Policy changes The following key changes will be effective from the date of enactment of Finance Bill: Any service tax disclosed in the return but not paid, proposed to be recove .....

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