https://www.taxtmi.com/article/detailed?id=1177 Amendments revise service tax penalties: Section 70 raises the late filing cap while Rule 7C retains existing short delay rates. Section 73 removes the 25% post notice concession for fraud cases but inserts an audit/self disclosure route permitting reduced penalties when true and complete details are maintained in specified records, with the reduced penalty framed as 1% per month up to 25%. Section 76 lowers per day and monthly default rates and caps penalty at 50% of tax. Section 78 substitutes a penalty equal to the tax determined with staged reductions for compliant record keeping and prompt payment; Section 80's waiver is limited to cases meeting the first proviso to section 78(1). en-us Wed, 02 Mar 2011 21:55:46 +0530 Thu, 03 Mar 2011 10:00:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1177 Amendments revise service tax penalties: Section 70 raises the late filing cap while Rule 7C retains existing short delay rates. Section 73 removes the 25% post notice concession for fraud cases but inserts an audit/self disclosure route permitting reduced penalties when true and complete details are maintained in specified records, with the reduced penalty framed as 1% per month up to 25%. Section 76 lowers per day and monthly default rates and caps penalty at 50% of tax. Section 78 substitutes a penalty equal to the tax determined with staged reductions for compliant record keeping and prompt payment; Section 80's waiver is limited to cases meeting the first proviso to section 78(1). Articles Central Excise Wed, 02 Mar 2011 21:55:46 +0530 https://www.taxtmi.com/article/detailed?id=1177