Penalty for failure to collect or pay commodities transaction tax

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..... ( 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, .....

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..... ties 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. - statute, statutory provisions legislation, l .....

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