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of <h1>Finance Act 2015 updates penalties for service tax fraud; 100% penalty, reduced if paid within 30 days.</h1> Section 78 of the 1994 Act is replaced by a new provision under the Finance Act, 2015, addressing penalties for service tax non-compliance due to fraud or similar reasons. It mandates a penalty equal to 100% of the unpaid service tax, with exceptions for transactions recorded between April 8, 2011, and the Finance Bill, 2015's enactment, reducing the penalty to 50%. If tax and interest are paid within 30 days of notice or a determination order, penalties reduce to 15% or 25%, respectively. Modifications by appeals or courts adjust penalties and interest accordingly. 'Specified records' include legally required records or invoices.
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