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TMI BlogSERVICE TAX - other amendments in Chapter V of the Finance Act, 1994 - THE FINANCE (No. 2) BILL, 2014X X X X Extracts X X X X X X X X Extracts X X X X ..... SERVICE TAX - other amendments in Chapter V of the Finance Act, 1994 - THE FINANCE (No. 2) BILL, 2014 - News and Press Release Dated:- 13-7-2014 - News - Certain other amendments in Chapter V of the Finance Act, 1994: (i) In section 67A, for determination of rate of exchange, rules to be prescribed. (ii) Section 73 to be amended to prescribe time limit for completion of adjudi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cations; time limit to be followed, as far as possible. (iii) Reference to first proviso to sub-section (1) of section 78, in section 80, to be omitted. In case of serious offences, waiver of penalty not to be available, though details may be available in records. (iv) Section 82(1) to be amended, along the lines of section 12F (1) of the Central Excise Act, so that Joi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt Commissioner or Additional Commissioner or any other officer notified by the Board can authorize any Central Excise Officer to search and seize. (v) Section 83 to be amended to include a reference to sections 5A (2A), 15A and 15B of the Central Excise Act : (a) Section 5A(2A) prescribes that insertion of an explanation in notifications/orders within one year shall have the effect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as if it had always been part of the notification; (b) Section 15A is being inserted in the Central Excise Act to prescribe that specified third party sources shall furnish periodic information in the manner as may be prescribed; (c) Section 15B is being inserted in the Central Excise Act to prescribe that failure to provide information under section 15A would attract penalty. (vi) V ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ide section 83, Section 35F of the Central Excise Act is already applicable to service tax. Section 35F of the Central Excise Act is now being substituted with a new section which prescribes a mandatory fixed pre-deposit of 7.5% of the duty demanded or penalty imposed or both, for filing appeal before the Commissioner (Appeals) or the Tribunal at the first stage and 10% of the duty demanded or pen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alty imposed or both, for filing the second stage appeal before the Tribunal. The amount of pre-deposit payable would be subject to a ceiling of ₹ 10 Crore. All pending appeals/stay applications would be governed by the statutory provisions prevailing at the time of filing such stay applications/appeals. When the amended section 35F in the Central Excise Act comes into force, it would, mutat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is mutandis, apply to service tax by virtue of section 83 of the Finance Act, 1994. (vii) Sub-section (6A) of section 86 proposed to be amended to omit the words for grant of stay or . (viii) In section 87, power to recover dues of a predecessor from the assets of a successor purchased from the predecessor, is to be provided, as it is available in section 11 of the Cen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tral Excise Act. (ix) Section 94 to be amended to obtain rule making power (a) to impose upon assessees, inter alia, the duty of furnishing information, keeping records and making returns and specify the manner in which they shall be verified; (b) for withdrawal of facilities or imposition of restrictions (including restrictions on utilization of CENVAT credit) on a service provider ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or exporter, to check evasion of duty or misuse of CENVAT credit; and (c) to issue instructions in supplemental or incidental matters. Amendment at sl.no.(i) above shall come into effect from a date to be notified after the Finance (No.2) Bill, 2014 receives the assent of the President; others will come into effect from the date of assent. See Clause 106 of the Finance (No. 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) Bill, 2014 - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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