Amendment status not verified — confirm the current text below against the official source.
(1) The Commissioner may, by notification, publish his ruling on the answer to Ruliogon any question involvingthe interpretation of any issue under this Regulation or applicationof gmml this Regulation to a class of persons or class of transactions. queslions. (2) A ruling issued by the Commissioner under this section may be issued subject to such restrictions and conditions as the Commissioner may deem fit. -, SERIES - I No. : 05 DATED 18"' AUGUST, 2005. (3) The ruljng shall conkinto forceon the date mentioned in the ruling or, if no date is stated in the ruling, on the date of publication in the Official Gazette. (4) where- (a) the Commissioner has published a ruling in respect of a class of persons or transactions; (b) a person implements a transaction or undertakes any action based on the ruling; (c) the ruling has, at the time of implementing the transaction or undertaking the action, not been withdrawn by the Commissioner; and (4 according to the terms of the ruling, the ruling purports to apply to the traniaction or action undertaken by the person, no assessment which is inconsistent with the ruling, shall be made by the Commissioner or any other authority against that person and no penalty may be imposed on the person if the -- ruling is later held incorrect. Explanation.- A person may rely on the ruling of the Commissioner or on the determination made under section 84. (5) The Commissioner may, by notification, withdraw or confirm or amend a ruling already issued under his section but such withdrawal or confirmation or amendment shall not affect the entitlement ofany person to rely on the p ling with respect to any transactionor action commenced or completed by him prior to such~withdrawal or confirmation or amendment. CHAPTER XI11 PENALTIES AND OFFENCES Penalties. 86, (1) For the purposes ofthis section "tax deficiency" means the difference between the tax payable by the person in accordance with the provisions of this Regulation and the amount of tax paid by the person in respect of a tax period. (2) The penalty imposed under this section may be remitted by an order made by an appellate authority in any proceeding under this Regulation where a person is able to prove existence of a reasonable cause for the act or omission giving rise to penalty. (3) Where a person, who is required to be registered under this Regulation, has-failed to apply for grant of certificate of registration within one month from the day on which his liability to register arose, the person shall be liable to pay, by way of penalty, an amount equal to one thousand rupees for each day during which such failure continues or one lakh rupees, whichever is less. * s (4) If, a registered dealer fails to comply with the provisions of sub-section (I) of section 21, such dealer shall be liable to pay, by way ofpenalty, a sum ofone hundred rupees for each day during which such failure continues or five thousand rupees, whichever is less. (5)If a registered dealer- (a) fails to comply with the provisions of sub-section (2) of section 22; or (b) fails to surrender his certificate of registration as provided in sub-section (7) of section 22, such dealer shall be liable to pay, by way of penalty, a sum equal to one hundred rupees for eachday during which such failure continues or five thousand rupees, whichever is less. (6) If any person falsely represents that he is registered as a dealer under this Regulation, he shall be liable to a penalty equal to the amount of tax wrongly collected as such or one lakh rupees, whichever is higher. -" SERTES - I No. : 05 I DATED 1 8 ~ AUGUST, 2005, (7) Where a person has applied for grant of certificate of registration under sub- section (5) of section 18 as a dealer under this Regulation and he - (a) fails to undertake business which would entitle hi to be a dealer, within the period specified in his application; or (6) fails to comply with any of Qe restrictions or conditions subject to which certificate of registration was granted, such dealer shall be liable to pay a penalty of ten thousand mpees. (8) If a person required to furnish a retum under the provisions of Chapter V- (a) fails to furnish any rehun by the prescribed date; or (b) fails to fUrnish alongwith the return any documenf that is requM to be ' h i s h e d alongwith the return; or (c) being required to revise a return already furnished, fails to furnish the revised return by the prescribed date,. such person shall be liable to pay, by way of penalty, a sum of one hundred rupees for each day during which such failure continues or ten thousand rupees, whichever is less. (9) Ahy person, who knowingly- (a) h i s h e s areturn unde;this~egulation which is false, migleadingor deceptive in a material particular; or (b) omits from a return firnished under this Regulation any material particular without which the retum is false, misleading or deceptive; or (c) claims tax credit in excess of the tax credit to which he is entitled under section 9 or under other provisions ofthis Regufation, shall be liable to pay, by way of penalty, a sum of ten thousand mpees or the amount of the tax deficiency, whichever is the higher. (10) Any dealer, who knowingly- (a) has claimed tax credit under section 14 to which he is not entitled; or (b) has claimed an excess tax credit than to which he is entitled under section 14, shall be liable to pay, by way of penalty, an amount equal to the amount of tax credit so claimed or ten thousand rupees, whichever is higher. (11) Where a tax d6ficienc;:arises in relation to a dealer or any other person, such person shall be liable to pay, by way of penalty, a sum of one per cent. ofexcess tax deficiency per week for every week or fiRy rupees per week for very week during which the tax deficiency continues, whichever is higher. (12) Where a person is reuuired under this Regulation to- (a) prepare records or mounts in accordance with the provisions ofChapter X; or (b) prepare such records or qcwunts in the presoribtd manner; or (c) retain records or accounts in accordan- with provisions of sub-section (6) of section 48, and such person- (I) fails to prepare the required records and accounts; or (If) fails to prepare records anh accounts in tha p d b e d manner; 61 -51- SERIES - I No. : 05 (iir) fails to retain the.records and accounts as required by sub-section (6) of section 48, the person shall be liable to pay, by way of penalty, a sum of fifty thousand rupees or twenty per cent. of the tax deficiency, if any, whichever is higher. (13) Any person, who fails to comply with the provisions of sub-section (2) or sub- section (3) of section 59, shall be liable to pay, by way of penalty, a sum of fiRy thousand rupees. (14) Where a person, who is required to prepare records and accounts under this , Regulation, knowingly prepares records and accounts in a false, misleading or deceptive manner, such person shall be liable to pay, by way of penalty, a sum ofone lakh rupees or the amount of the tax deficiency, ifany, whichever is higher. (IS) Where a person- (a) issues a tax invoice or retail invoice with incomplete or incorrect particulars; or (b) having issued a tax invoice or retailinvoice, 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 five thousand rupees or twenty per cent, of the tax deficiency, if any, whichever is higher. (16) Where a person, who is not authorised under this Regulation to issue atax invoice, issues a tax invoice, the person shall be liable to pay, 6y way of penalty, an amount of one lakh rupees or the tax deficiency, if any, whichever is higher. (17) If any dealer fails to furnish a true copy ofreport of audit referred to in section 49 within the prescribed time, Ule person shall be liable to pay, by way of penalty, a sum of ten thousand rupees. \ (18) Where goods are being carried by a transporter without ihe docuinents or without proper documents or with such documents baing false or without all documents referred to in sub:section (2) ofsection 61, the transporter shall be liable to a penaltyequal to the amount of tax payable on such goods. (19) Any person, who- (a) makes a statement to the Commissioner or any authorityunderthis Regulation which is false, misleading or deceptive in a material particular; or (b) omits from a statement made to the Commissioner or any authority under this Regulation any material particular without which the statement is false, misleading or deceptive, . such person shall be liable to pay, by way of penalty, a sum of fifty thousand rupees, or the amount of the tax deficiency, whichever is higher. @ Reduction or