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TMI BlogAmendment in Sec.76X X X X Extracts X X X X X X X X Extracts X X X X ..... Question - what are amendment proposed in Sec.76 in Finance Bill 2015 ? - Reply By Admin TMI - The Reply = Section 76 is being amended to rationalize penalty, in cases not involving fraud ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or collusion or wilful mis-statement or suppression of facts or contravention of any provision of the Act or rules with the intent to evade payment of service tax, in the following manner,- (i) penal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty not to exceed ten per cent of service tax amount involved in such cases; (ii) no penalty is to be paid if service tax and interest is paid within 30 days of issuance of notice under section 73 (1) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; (iii) a reduced penalty equal to 25% of the penalty imposed by the Central Excise officer by way of an order is to be paid if the service tax, interest and reduced penalty is paid within 30 day ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of such order; and (iv) if the service tax amount gets reduced in any appellate proceeding, then penalty amount shall also stand modified accordingly, and benefit of reduced penalty ( 25% of pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nalty imposed) shall be admissible if service tax, interest and reduced penalty is paid within 30 days of such appellate order. - Amendment in Sec.76 - Query Started By: - Admin TMI Dated:- 1-3-201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5 Service Tax - Got 1 Reply - Service Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndia.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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