Insertion of New section 62A

Section 18 of the Finance Act, 2019 (No. 1) deals with insertion of New section 62A. Insertion of New section 62A 18. After section 62 of the principal Act, the following section shall be inserted, namely:— "62A.

Insertion of New section 62A

18. After section 62 of the principal Act, the following section shall be inserted, namely:—

"62A. Penalty for failure to comply with provisions of section 9A.—

(1) Any person who,—

(a)		being required under sub-section (1) of section 9A to collect duty, fails to collect the same; or
(b)		being required under sub-section (4) of section 9A to transfer the duty to the State Government within fifteen days of the expiry of the time specified therein, fails to transfer within such time,

shall be punishable with fine which shall not be less than one lakh rupees, but which may extend upto one per cent of the collection or transfer so defaulted.

(2) Any person who,—

(a)		being required under sub-section (5) of section 9A to submit details of transactions to the Government, fails to submit the same; or
(b)		submits a document or makes a declaration which is false or which such person knows or believes to be false,

shall be punishable with fine of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less.".

Section 18, The Finance Act, 2019 (No. 1).