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How to make new section 76 and 78 attractive?

Service Tax - By: - vasudevan unnikrishnan - Dated:- 27-6-2015 - As we know, the discretion in imposing penalty under 76 and 78 has been taken away and section 80 stands abolished from 14/05/2015. Simultaneously,the sections 76 and 78 has been revised,giving an option for assessees to compound the cases at their level, by paying the tax and interest within stipulated time limit of 30 days of receipt of SCN.Another option is also available-Only reduced penalty only need be paid under s.76 and 78 .....

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gh the section 67(2) clearly provides that wherever the demands are raised relying on the amount received ,the benefit of Cum duty has to be allowed,in practice,almost all the SCNs and orders deny this.This results in the excess demand and thus depriving the assessees to opt for the new sec.76 or 78. (ii) Even though entire details would have been made available to the dept., the SCNs are invariably issued for extended period as per proviso to sec.73(1) and thus proposing penalties under s.78 in .....

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