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of <h1>Amendment to Section 75: Central Government Can Set Higher Interest Rates for Late Service Tax Payments</h1> Clause 150 of the Finance Bill, 2016 proposes an amendment to section 75 of the 1994 Act concerning service tax. It introduces a proviso allowing the Central Government to specify a different rate of interest for individuals who collect service tax but do not remit it to the Central Government by the due date. This amendment empowers the government to enforce compliance by potentially imposing a higher interest rate on overdue payments through official notifications.
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