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of <h1>Penalties Imposed for Failing to Collect or Pay Commodities Transaction Tax Under Clause 114 of Finance Bill, 2013.</h1> Clause 114 of the Finance Bill, 2013, mandates penalties for assessees who fail to collect or pay the commodities transaction tax as required. If an assessee does not collect the tax, they must pay a penalty equal to the uncollected tax amount. If the tax is collected but not paid to the Central Government, the penalty is one thousand rupees per day of non-payment, capped at the unpaid tax amount. This clause ensures compliance with tax collection and payment obligations.
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