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TMI BlogAmendment in Section 78X X X X Extracts X X X X X X X X Extracts X X X X ..... Question - What are proposed amendment in Section 78 in Finance Bill 2015 ? - Reply By Admin TMI - The Reply = Section 78 is being amended to rationalize penalty, in cases 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 shall be hundred per cent of service tax amount involved in such cases; (ii) penalty equal to 15% of the service tax amount is to be paid if service tax, interest and reduced penalty is paid w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ithin 30 days of service of notice in this regard; (iii) a reduced penalty equal to 25% of the service tax amount determined by the Central Excise Officer, by an order, is to be paid if the servi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce tax, interest and reduced penalty is paid within 30 days of such order; and (iv) if the service tax amount gets reduced in any appellate proceeding, then penalty amount shall also stand modified a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccordingly, and benefit of reduced penalty (25%) shall be admissible if service tax, interest and reduced penalty is paid within 30 days of such appellate order. - Amendment in Section 78 - Quer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y Started By: - Admin TMI Dated:- 1-3-2015 Service Tax - Got 1 Reply - Service Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanage ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mentindia - 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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