Amendment status not verified — confirm the current text below against the official source.
Collection of excess tax and forfeiture of such excess tax :- (1) No person shall collect any sum by way of tax in respect of sale of any goods or in respect of purchase of any goods mentioned in the schedule VIII 2 on which no tax is payable under the Act. (2) No dealer shall collect any amount by way of tax in excess of amount of tax payable under the Act. 1, 2 Inserted vide the TVAT (Amendment) Ordinance, 2007 (w.e.f 17-7- 2007) and subsequent legislation vide the TVAT (Amendment) Act, 2007(dt. 9-10-2007) 40 (3) Whoever contravenes the provision of this section shall, by an order of the Commissioner, be liable to pay penalty which may extend to two thousand rupees. (4) Any amount of tax collected, in excess of the rate specified under this Act, shall be liable to be forfeited to the Government by an order of the Commissioner.