Collection and recovery of commodities transaction tax
Section- 119. (1) Every recognised association (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 recognised association 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).