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of <h1>New Rules for Penalties on Service Tax Non-Payment: Section 76 Updates for Timely Payment & Reduced Penalties</h1> Section 76 of the 1994 Act has been replaced to address penalties for non-payment or incorrect payment of service tax, excluding cases involving fraud or intentional misstatements. If service tax is unpaid or underpaid, the liable party must pay the tax, interest, and a penalty up to 10% of the tax amount. No penalty applies if payment is made within 30 days of notice under section 73. If payment follows a Central Excise Officer's order, a reduced penalty of 25% is applicable if paid within the specified period. Increased penalties by higher authorities follow a similar timeline for reduced penalty payment.
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