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Statutory Provisions

Home Acts & Rules Bill Bills FINANCE BILL, 2013 Chapters List Chapter VII COMMODITIES TRANSACTION TAX This

Clause 114 - Penalty for failure to collect or pay commodities transaction tax - FINANCE BILL, 2013

FINANCE BILL, 2013
Chapter VII
COMMODITIES TRANSACTION TAX
  • Contents

Penalty for failure to collect or pay commodities transaction tax

     114. Any assessee who––

          (a) fails to collect the whole or any part of the commodities transaction tax as required under section 109; or

          (b) having collected the commodities transaction tax, fails to pay such tax to the credit of the Central Government in accordance with the provisions of sub-section (2) of that section, shall be liable to pay,––

                (i) in the case referred to in clause (a), in addition to paying the tax in accordance with the provisions of sub-section (3) of that section, or interest, if any, in accordance with the provisions of section 113, by way of penalty, a sum equal to the amount of commodities transaction tax that he failed to collect; and

               (ii) in the case referred to in clause (b), in addition to paying the tax in accordance with the provisions of sub-section (2) of that section and interest in accordance with the provisions of section 113, by way of penalty, a sum of one thousand rupees for every day during which the failure continues; so, however, that the penalty under this clause shall not exceed the amount of commodities transaction tax that he failed to pay.

 



 

Notes on Clauses:

Clause 114 of the Bill provides for imposition of penalty on the assessee responsible to collect transaction tax. The penalty would be a sum equal to the amount of commodities transaction tax not collected in a case where the assessee fails to collect the whole or any part of commodities transaction tax. In other cases, such penalty imposed will be one thousand rupees for every such failure. However, the penalty imposable under this clause shall not exceed the amount of commodity transaction tax that was to be paid.

 
 
 
 

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