# The Finance Act, 2013, Section 124: Penalty for failure to collect or pay commodities transaction tax

- Act: The Finance Act, 2013
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2013/section/124/

## Text

Penalty for failure to collect or pay commodities transaction tax. 124. 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. © Copyright. Taxmann Publications Pvt. Ltd.

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