Transition Provision

[Admin TMI]

Question - What are proposed transitional provision in service tax in Finance Bill 2015 ?

AI Summary

Finance Bill 2015: Section 78B Amendments Limit Penalties to 50% for Certain Unacted Notices Under Section 73. A forum discussion initiated by an admin on March 1, 2015, addressed transitional provisions in the Finance Bill 2015 concerning service tax. The response highlighted the insertion of section 78B, which outlines that amended provisions of sections 76 and 78 apply to cases where no notice or an unacted notice under section 73 is issued before the enactment of the bill. Additionally, for cases under section 73(4A) with similar notice conditions, the penalty is capped at 50% of the service tax amount.