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of <h1>Finance Bill 2015 Introduces Section 11AC: New Penalties for Excise Duty Issues, Varying by Fraud or Error Circumstances</h1> Clause 92 of the Finance Bill, 2015 proposes a new section 11AC in the Central Excise Act, detailing penalties for non-levy, short-levy, non-payment, short-payment, or erroneous refund of excise duty. Penalties vary based on whether the issue arose from fraud or other reasons. For non-fraudulent cases, penalties can be up to 10% of the duty or 5,000, whichever is higher, with potential reductions if paid promptly. Fraudulent cases incur penalties equal to the duty, with possible reductions if settled quickly. Modifications by appellate bodies adjust penalties accordingly, and specific provisions apply based on the timing of show cause notices and orders.
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