TaxTMI 
TaxTMI 
Amendment in Section 78
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....mendment in Section 78<br> Query (Issue) Started By: - Admin TMI Dated:- 1-3-2015 Last Reply Date:- 1-3-2015 Service Tax<br>Got 1 Reply<br>Service Tax<br>Question - What are proposed amendment in Sec....
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....tion 78 in Finance Bill 2015 ? Reply By Admin TMI: The Reply: Section 78 is being amended to rationalize penalty, in cases involving fraud or collusion or wilful mis-statement or suppression of fact....
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....s or contravention of any provision of the Act or rules with the intent to evade payment of service tax, in the following manner,- (i) penalty shall be hundred per cent of service tax amount involved....
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.... in such cases; (ii) penalty equal to 15% of the service tax amount is to be paid if service tax, interest and reduced penalty is paid within 30 days of service of notice in this regard; (iii) a....
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.... reduced penalty equal to 25% of the service tax amount determined by the Central Excise Officer, by an order, is to be paid if the service tax, interest and reduced penalty is paid within 30 days....
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.... of such order; and (iv) if the service tax amount gets reduced in any appellate proceeding, then penalty amount shall also stand modified accordingly, and benefit of reduced penalty (25%) shall ....
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....be admissible if service tax, interest and reduced penalty is paid within 30 days of such appellate order.<br> Discussion Forum - Knowledge Sharing ....