Amendment in Sec.37 (4) & (5)

[Admin TMI]

Question - What are proposed amendment in Section 37 (4) and (5) in Central Excise Act ,1944 in Finance Bill 2015 ?

[Admin TMI]

Sub-sections (4) and (5) of section 37 are being amended so as to increase the penalty from ₹ 2000 to ₹ 5000.

AI Summary

Penalty increase in Section 37 raises the sanction for specified Central Excise contraventions to a higher prescribed fine. The Finance Bill 2015 amends the specified sub sections of the Central Excise Act to raise the prescribed monetary penalty in those sub sections from Rs. 2000 to Rs. 5000, limiting the change to an increase in the quantum of the fine.