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of <h1>Section 78 of Finance Act, 1994: Penalties on Service Tax Fraud Reduced Upon Prompt Payment and Recorded Transactions</h1> Section 78 of the Finance Act, 1994, addresses penalties for non-payment or underpayment of service tax due to fraud, collusion, or misrepresentation. If such tax issues arise, the liable party must pay a penalty equal to the unpaid tax amount. However, if transaction details are recorded from April 8, 2011, to the Finance Bill, 2015's enactment, the penalty is reduced to 50%. If the tax and interest are settled within 30 days of notice or order, the penalty is further reduced to 15% or 25%, respectively. Adjustments to penalties and interest are made if tax amounts are modified by higher authorities.
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