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NEW PENAL PROVISIONS IN SERVICE TAX (PART -I)

Service Tax - By: - Dr. Sanjiv Agarwal - Dated:- 16-6-2015 - Amendments in Penal Provisions made by Finance Act, 2015 (w.e.f. 14.05.2015) Finance Act, 2015 has made the following amendments in penal provisions - Penalty for failure to pay Service Tax - Section 76 has been substituted to rationalize penalty for non-payment or short payment or erroneous refund without any malafide intention to evade tax. Penalty for failure to pay Service Tax for reasons of frauds etc - Section 78 has been subst .....

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nt is to substitute a new section for section 76 of 1994 Act relating to penalty for failure to pay service tax in cases other than by reason of fraud, collusion, willful misstatement, suppression of facts or contravention of the provisions of the Act or the rules made thereunder with the intent to evade payment of service tax. Accordingly, section 76 has been amended to rationalize the provisions relating to penalties, in cases not involving fraud or collusion or willful misstatement or suppres .....

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duced penalty is paid within 30 days of such order; and if the Service Tax amount gets reduced in any appellate proceeding, then the penalty amount shall also stand modified accordingly, and benefit of reduced penalty ( 25% of penalty imposed) shall be admissible if service tax, interest and reduced penalty is paid within 30 days of such appellate order. The new provision of penalty u/s 76 is much simplified and easy to determine penalty. Also, penalties have been significantly reduced. It may .....

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of any of the following - fraud, or collusion, or willful mis-statement, or suppression of facts, or contravention of facts, or contravention of any provision or rules with an intent of evading payment of Service Tax, the penalties leviable shall be as under- Where SCN has been issued - (i) Penalty not exceeding 10 percent of the Service Tax not paid / short paid / erroneous refund (maximum penalty shall be 10 percent) (A lower penalty may be imposed but maximum shall be 10 percent). (ii) .....

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