Amendment in Section 11AC

[Admin TMI]

Question - What are amendment proposed in Section 11AC of Central Excise Act ,1944 in Finance Bill 2015 ?

AI Summary

Finance Bill 2015 amends Section 11AC of Central Excise Act to rationalize penalties for duty evasion and fraud. The amendment to Section 11AC of the Central Excise Act, 1944, as proposed in the Finance Bill 2015, aims to rationalize penalties. For cases without fraud or intent to evade duty, a penalty up to 10% of the duty or 5000 is imposed, with potential waivers if paid promptly. In cases involving fraud or evasion, the penalty equals the duty, with reductions available if paid within specified periods. The amendments also allow penalty adjustments if the duty is reduced in appellate proceedings, with benefits for timely payments of reduced penalties.