01 July 2014
It is as per rule 7C of the Service tax Rules,1994 and section 70(1) of the Finance Act,1994 as substituted by the Finance Bill 2011. There is no separate notification.
01 July 2014
It is clear from the above that above penalty is subject to maximum specified in section 70. Section 70(1) Specify the maximum Penalty of Rs. 2,000/- in respect of return filed up to 31st March 2011. This amount of Maximum Penalty is been increased to Rs. 20,000/- (Twenty Thousand only) w.e.f. 01.04.2011.