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Section124
The Finance Act, 2013

Penalty for failure to collect or pay commodities transaction tax

In force As on 10 Oct 2026

Ministry Finance

Section 124 of the Finance Act, 2013 deals with penalty for failure to collect or pay commodities transaction tax. Penalty for failure to collect or pay commodities transaction tax.

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.

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Section 124, The Finance Act, 2013.

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. s. 109 No refund of amount paid under the Scheme
  2. s. 113 Power to remove difficulties

Questions about Section 124

What does Section 124 of the Finance Act deal with?

Section 124 of the Finance Act is headed "Penalty for failure to collect or pay commodities transaction tax". Penalty for failure to collect or pay commodities transaction tax.

How do I find court cases under Section 124 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2013 124, section 124 Finance Act 2013, section 124 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 124 of the Finance Act, and has it changed?

Its own text turns on section 109 (No refund of amount paid under the Scheme), section 113 (Power to remove difficulties), so none of them can safely be read on its own.

When was the Finance Act enacted?

Finance Act was enacted in 2013. India Code records no commencement date for it. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument. This page is not a substitute for legal advice.