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NEW PENAL PROVISIONS UNDER CENVAT CREDIT RULES

Service Tax - By: - Dr. Sanjiv Agarwal - Dated:- 26-5-2015 - Amendment w.e.f. 14.05.2015 in Rule 15 Vide Notification No. 6/2015-ST dated 1.3.2015, following amendments have been made in Rule 15 containing penal provisions to rationalize penalties w. .....

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t, 1994 Rule 15(2) As per section 11AC (1) (c) and (d) or (e) of Central Excise Act, 1944 Rule 15(3) As per section 78(1) of Finance Act, 1994 The aforementioned penalties shall be over .....

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e Act, 1944 Penal provisions have been rationalised and the amount of penalties is sought to be reduced significantly. The amended penalties under section 11AC under different situations will be as under: (a) For show cause notices issued after enact .....

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0/-, whichever is higher. No penalty to be levied if duty and interest is paid with in 30days from the service of show cause notice Penalty shall be reduced to 25% of the penalty demanded if duty, interest and reduced penalty is paid within 30days .....

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mount. Penalty shall be reduced to 15 % if the duty and interest is paid with in 30 days from the service of show cause notice. Penalty shall be reduced to 25% of the penalty demanded, if duty, interest and reduced penalty paid within 30days from t .....

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djudication) - Cases can be closed upon the payment of duty, interest and penalty @ 15% of the duty in the matters involving fraud, collusion, willful-misstatement etc. within 30days from the enactment of the Finance Act, 2015. Cases can be closed .....

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