76. Penalties relating to tax invoices, bills of sale, credit notes and debit notes

(1) A registered dealer who.-

(a) fails to provide a tax invoice as required by sub-section (1) of section 29, or

(b) provides a tax invoice otherwise than in accordance with the provisions of section 29,

shall be liable to a penalty of two thousand rupees or an amount equivalent to the tax payable on the transaction, whichever is higher for such offence which is the first during a financial year and if the offence committed is not the first offence during a financial year, a penalty of five thousand rupees or an amount equivalent to the tax payable on the transaction, whichever is higher.

(2) A registered dealer who fails to issue a bill of sale as required by sub-section (1) of section 29 shall be liable to a penalty of one thousand rupees for such offence which is the first during a financial year and if the offence committed is not the first offence during a financial year, a penalty of two thousand rupees.

(3) The power to levy the penalty under this section shall be vested in the officer authorised under section 52.