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RECENT AMENDMENTS IN CENVAT CREDIT PROVISIONS - PART-III

Service Tax - By: - Dr. Sanjiv Agarwal - Dated:- 1-6-2015 - Amendments in Penal Provisions of Cenvat Rules (Rule 15) (Amendment w.e.f. 14.05.2015) 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.e.f. date of enactment of Finance Act, 2015 (14.05.2015) Under Penalties Imposable Rule 15(1) As per Section 11AC(1) (a) or (b) of Central Excise Act, 1 .....

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on-payment of duty under Section 11AC of Central Excise 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 enactment of the Finance Act, 2015 (i.e. 14.05.2015) - 1. For cases not involving fraud, collusion, wilful-misstatement etc. with the intent to evade duty Amount of maximum penalty shall be limited to .....

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alty shall be leviable equivalent to 100% of the duty amount. 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 the communication of the adjudication order or the appellate order, as the case may be. (b) For the pending SCN s before adjudication at the time of enactment of the Finance Act, 2015, i.e. 14.05. .....

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