Thursday, 5 January 2017

Section 77 General penalty for contravention of any provisions of chapter V of Finance Act, 1994


Section 77 of FINANCE ACT, 1994


Section 77 General penalty for contravention of any provisions of chapter V of Finance Act, 1994 or rules made there under for which no penalty is provided




Sr. No.
Nature of Default
Penalty
1
Failure to take registration  in accordance with Sec.69 or rules made thereunder
Rs. 10000 or Rs. 200 per day during which failure continues, whichever is higher.

2
Failure to keep, maintain or retain records
Up to Rs.10000/-

3
Failure to furnish information, to produce documents called for by Central Excise Officer or to appear before the Central Excise Officer
Upto Rs.10000/- or Rs. 200 per day during which failure continues.

4
Failure to pay tax electronically by the person required to pay tax electronically
upto Rs.10000/-

5
Failure to issue correct invoice with complete details and account for the invoice in his books of accounts
Upto Rs.10000/-

6
For contravention of any other provisions of the Act where no separate penalty is provided
upto Rs.10000




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