https://www.taxtmi.com/article/detailed?id=1205 Amendments revise penal, interest and recovery provisions for service tax: late-filing limits are increased; Sec.73 is amended to permit voluntary payment with reduced penalties where specified records contain true and complete transaction details while preserving officer determination and recovery powers; interest and penalty rates are reduced for qualifying small providers; Sec.78 now makes liable persons pay penalty equal to the tax shortfall subject to staged reductions for timely payment or available records; new provisions create a first charge on property and introduce a criminal offences regime with specified imprisonment thresholds and repeat-offence enhancements. en-us Fri, 11 Mar 2011 23:53:09 +0530 Sat, 12 Mar 2011 01:53:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1205 Amendments revise penal, interest and recovery provisions for service tax: late-filing limits are increased; Sec.73 is amended to permit voluntary payment with reduced penalties where specified records contain true and complete transaction details while preserving officer determination and recovery powers; interest and penalty rates are reduced for qualifying small providers; Sec.78 now makes liable persons pay penalty equal to the tax shortfall subject to staged reductions for timely payment or available records; new provisions create a first charge on property and introduce a criminal offences regime with specified imprisonment thresholds and repeat-offence enhancements. Articles Service Tax Fri, 11 Mar 2011 23:53:09 +0530 https://www.taxtmi.com/article/detailed?id=1205