Service Tax 1994
76. Penalty for Failure to Pay Service Tax.
Any person, liable to pay service tax in
accordance with the provisions of section 68 or the rules made thereunder, who
fails to pay such tax shall pay in addition to paying such tax, and interest on
that tax in accordance with the provisions of section 75, a penalty which shall
not be less than one hundred rupees but which may extend to two hundred rupees
for every day during which such failure continues, so, however, that the
penalty under this clause shall not exceed the amount of service tax that he
failed to pay .