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of <h1>Penalties Under Section 76 of Finance Act 1994: 10% for Service Tax Failures, Reduced for Prompt Payment</h1> Section 76 of the Finance Act, 1994, addresses penalties for failing to pay service tax. If service tax is not levied, paid, or is short-paid, or erroneously refunded for reasons other than fraud or intent to evade, a penalty up to 10% of the tax amount is imposed. No penalty is applied if the tax and interest are paid within 30 days of the notice under Section 73. If paid within 30 days after an order, the penalty is reduced to 25%. The penalty may increase if determined by higher authorities, with timelines adjusted accordingly.
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