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of <h1>Non-compliance with Section 101 of Finance Bill 2008 incurs penalties; daily fines for unpaid commodities transaction tax.</h1> Any assessee who fails to collect or pay the commodities transaction tax as mandated under section 101 of the Finance Bill, 2008, is subject to penalties. If the tax is not collected, the penalty equals the unpaid tax amount. If the tax is collected but not paid to the Central Government, the penalty is one thousand rupees per day of default, not exceeding the unpaid tax amount. Additionally, interest may be applicable under section 105.
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