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What is the quantum of penalty provided for in the MGL?
Team SoOLEGAL | 01/01/1970

Section 66(1) provides that any taxable person who has committed any of the offences mentioned in section 66 shall be punished with a penalty that shall be higher of the following amounts:

• Theamountoftaxevaded, fraudulentlyobtained as refund, availed as credit, or not deducted or collected or short deducted or short collected, or

• A sum of Rs.10,000/-. Further Section 66(2) provides that any registered taxable person who repeatedly makes a short payment of tax shall be a liable to penalty which will be the higher of :

• 10% of the tax short paid, or

• Rs.10,000.


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