Commodities transaction tax: recognised associations must collect and remit monthly, and remain liable even if collection fails. Every recognised association must collect commodities transaction tax from the seller or purchaser at prescribed rates and remit amounts collected for any calendar month to the Central Government by the seventh day of the following month. If the association fails to collect the tax, it remains liable to pay the tax to the Central Government and must remit it according to the same monthly deadline.
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Provisions expressly mentioned in the judgment/order text.
Commodities transaction tax: recognised associations must collect and remit monthly, and remain liable even if collection fails.
Every recognised association must collect commodities transaction tax from the seller or purchaser at prescribed rates and remit amounts collected for any calendar month to the Central Government by the seventh day of the following month. If the association fails to collect the tax, it remains liable to pay the tax to the Central Government and must remit it according to the same monthly deadline.
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