https://www.taxtmi.com/article/detailed?id=6311 The substituted section 78 mandates a penalty equal to the Service Tax involved for amounts not levied or paid due to fraud, collusion, wilful mis statement, suppression of facts or contravention of the Act or rules, payable in addition to tax and interest following notice under the proviso to section 73(1). Reduced penalties are available if tax, interest and the reduced penalty are paid within the prescribed short period after service of notice or assessment order; appellate modification of tax adjusts corresponding penalty and interest. "Specified records" (including computerised data or invoices in books) determine eligibility for concessionary treatment for specified historical transactions. en-us Wed, 17 Jun 2015 06:19:57 +0530 Wed, 17 Jun 2015 06:19:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=6311 The substituted section 78 mandates a penalty equal to the Service Tax involved for amounts not levied or paid due to fraud, collusion, wilful mis statement, suppression of facts or contravention of the Act or rules, payable in addition to tax and interest following notice under the proviso to section 73(1). Reduced penalties are available if tax, interest and the reduced penalty are paid within the prescribed short period after service of notice or assessment order; appellate modification of tax adjusts corresponding penalty and interest. "Specified records" (including computerised data or invoices in books) determine eligibility for concessionary treatment for specified historical transactions. Articles Service Tax Wed, 17 Jun 2015 06:19:57 +0530 https://www.taxtmi.com/article/detailed?id=6311