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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 containi .....

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944 or As per section 76(1) of Finance Act, 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 .....

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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 a .....

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the extent of 10% of the duty demanded or ₹ 5,000/-, 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 du .....

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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, .....

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2015 (where the assessee does not wish to wait for adjudication) - 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 enact .....

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