Collection and recovery of banking cash transaction tax

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..... ansaction tax.- (1) Every scheduled bank shall collect the banking cash transaction tax from every person, being a person referred to in clause (i) or clause (ii) or clause (iii) of sub-section of s .....

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..... ) Any scheduled bank, 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 Gove .....

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