Section 119 - Collection and recovery of commodities transaction tax - Finance Act, 2013

Collection and recovery of commodities transaction tax 119. ( 1 ) Every 1 [ recognised stock exchange ] (hereinafter in this Chapter referred to as assessee) shall collect the commodities transaction tax from the seller who enters into a taxable commodities transaction in that 1 [ recognised stock exchange ] at the rate specified in section 107. ( 2 ) The commodities transaction tax collected during any calendar month in accordance with the provisions of sub-section ( 1 ) shall be paid by every assessee to the credit of the Central Government by the seventh day of the month immediately following the said calendar month. ( 3 ) Any assessee who fails to collect the tax in accordance with the provisions of sub-section ( 1 ) shall, notwithstanding such failure, be liable to pay the tax to the credit of the Central Government in accordance with the provisions of sub-section ( 2 ). ************** NOTES:- 1. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 before it was read as recognised association