(1) Any dealer who—
(a) has claimed tax credit under section 14 to which he is not entitled; or
(b) has claimed a greater tax credit under section 14 than is allowed, shall be liable to pay, by way of penalty, an amount equal to the amount of tax credit so claimed or five thousand rupees, whichever is higher.
(2) Where a tax deficiency arises in relation to a person, the person shall be liable to pay, by way of penalty, a sum equal to one per cent. of the tax deficiency per week or a sum equal to rupees fifty per week, whichever is higher, for the period of default.
(3) Where a person is required under this Regulation to—
(a) prepare records or accounts; or
(b) prepare records or accounts in a prescribed manner; or
(c) retain prescribed or notified records or accounts;
and such persons—
(i) fails to prepare the prescribed or notified records and accounts; or
(ii) fails to prepare prescribed or notified records and accounts in the prescribed manner; or
(iii) fails to retain the prescribed or notified records and accounts for the prescribed period; or
(iv) fails to retain or produce the prescribed or notified records at the principal place of business as recorded in his certificate of registration; or
(v) fails to comply with a direction issued or fails to produce prescribed or notified records and accounts, or cause them to be produced, on or before the date specified in any notice served on him by the Commissioner or by an accountant or a panel of accountants or any other professional or panel of professionals nominated by the Commissioner in this behalf under clause (a) of sub-section (6) of section 58, such person shall be liable to pay, by way of penalty, a sum of twenty-five thousand rupees or twenty per cent. of the tax deficiency, if any, whichever is higher.
(4) If, any dealer fails to comply with the provisions of section 49, the dealer shall be liable to pay, by way of penalty, a sum equal to one per cent. of his turnover or a sum of fifty thousand rupees, whichever is less.
(5) Where a person who is required to prepare records and accounts under this Regulation, prepares records and accounts in a manner that is false, misleading or deceptive, the person shall be liable to pay, by way of penalty, a sum of fifty thousand rupees or the amount of the tax deficiency, if any, whichever is higher.
(6) Where a person—
(a) has issued a tax invoice or retail invoice with incomplete or incorrect particulars; or
(b) having issued a tax invoice or retail invoice, has failed to account it correctly in his books of account, such person shall be liable to pay, by way of penalty, an amount of three thousand rupees or twenty per cent. of the tax deficiency, if any, whichever is higher.
(7) Where a person who is not authorised under this Regulation to issue a tax invoice has issued a tax invoice for a sale, such person shall be liable to pay, by way of penalty, an amount of fifty thousand rupees or the tax deficiency, if any, whichever is higher.
Other penalties.
SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 53
(8) Any person who fails to comply with the requirement under sub-section (2) or sub-section (3) of section 59 shall be liable to pay, by way of penalty, a sum of twenty-five thousand rupees.
(9) Where goods are being carried by a transporter without the documents or without proper and genuine documents or without being properly accounted for in the documents referred to in sub-section (2) of section 61, the transporter shall be liable to a penalty equal to twenty paisa in a rupee for the value of such goods.
(10) Any person who—
(a) makes a statement to the Commissioner which is false, misleading or deceptive in a material particular; or
(b) omits from a statement made to the Commissioner any matter or thing without which the statement is false, misleading or deceptive in a material particular, such person shall be liable to pay, by way of penalty, a sum of twenty-five thousand rupees, or the amount of the tax deficiency, whichever is higher.