What is the time limit within which such penalty amount is required to be deposited assuming goods are other than perishable nature ?

Penalty amount is required to be deposited within 15 days of the passing of order under section 129 of the CGST Act, 2017 in respect of goods other than perishable or hazardous goods. In case of perishable or hazardous goods, the period of 15 days can be reduced.