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Substitution of new section for section 78- Penalty for failure to pay service tax for reasons of fraud etc.

Section 114 - SERVICE TAX - Finance Act - Section 114 - Substitution of new section for section 78 114. For section 78 of the 1994 Act, the following section shall be substituted, namely:- Penalty for failure to pay service tax for reasons of fraud, etc. 78. (1) Where any service tax has not been levied or paid, or has been shortlevied or short-paid, or erroneously refunded, by reason of fraud or collusion or wilful mis-statement or suppression of facts or contravention of any of the provisions .....

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e period beginning with the 8th April, 2011 upto the date on which the Finance Bill, 2015 receives the assent of the President (both Days inclusive), the penalty shall be fifty per cent of the service tax so determined. . Provided further that where service tax and interest is paid within a period of thirty days of - (i) the date of service of notice under the proviso to sub-section (1) of section 73, the penalty payable shall be fifteen per cent. of such service tax and proceedings in respect o .....

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