Defaulters can pay 15% of penalty if they pay tax due within 30 days of finance bill coming into effect Budget 2015-16 provides a small one-time window of opportunity to indirect tax offenders to pay a smaller than legally prescribed penalty, as part of the government's plan to bring down litigations and settle outstanding cases. The provision allows offenders to pay 15% of penalty if they pay tax due within 30 days of the finance bill coming into effect after it receives presidential assent."This will help bring down litigation," said a government official. The measure will not just help reduce the number of ongoing court cases but also help the government collect requisite taxes. At the end of 2013-14, `. 92,800 crore was locked up in indirect tax litigation, a third of which was less than two years old and had a good chance of being settled. The finance bill includes a provision to offer an opportunity to tax offenders who were issued show cause notices in the past to ...