https://www.taxtmi.com/article/detailed?id=6236 The Finance Bill, 2015 revises service tax penalties: proposed Section 76 imposes a penalty up to 10% of tax with a no penalty proviso if tax and interest are paid within ninety days of notice and a thirty day reduced payment window following appellate modification. Proposed Section 78 makes penalties equal to 100% of the tax for defaults attributable to fraud, collusion, willful misstatement, suppression or contravention with staged reductions (50% if paid within thirty days of notice; 25% if paid within the period after the assessing officer's order), and adjusts penalties on appellate modification. Section 80's reasonable cause defence is omitted. en-us Thu, 30 Apr 2015 06:04:40 +0530 Thu, 30 Apr 2015 06:04:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=6236 The Finance Bill, 2015 revises service tax penalties: proposed Section 76 imposes a penalty up to 10% of tax with a no penalty proviso if tax and interest are paid within ninety days of notice and a thirty day reduced payment window following appellate modification. Proposed Section 78 makes penalties equal to 100% of the tax for defaults attributable to fraud, collusion, willful misstatement, suppression or contravention with staged reductions (50% if paid within thirty days of notice; 25% if paid within the period after the assessing officer's order), and adjusts penalties on appellate modification. Section 80's reasonable cause defence is omitted. Articles Service Tax Thu, 30 Apr 2015 06:04:40 +0530 https://www.taxtmi.com/article/detailed?id=6236