Compounding of offences: Commissioner may accept a prescribed payment to settle GST offences, subject to exclusions and conditions. The Commissioner may compound any offence under the Punjab GST Act by accepting a prescribed compounding amount, subject to prescribed procedure and ... Summary
Compounding of offences: Commissioner may accept a prescribed payment to settle GST offences, subject to exclusions and conditions.
The Commissioner may compound any offence under the Punjab GST Act by accepting a prescribed compounding amount, subject to prescribed procedure and payment of tax, interest and penalty. Certain categories are excluded from compounding, including repeat compounders for specified offences, offences above a high-value threshold, offences that are also offences under other laws, convicted persons, specified listed offences, and other prescribed classes. Minimum and maximum compounding amounts are prescribed, and payment of the compounding amount bars further proceedings under the Act and abates any criminal proceedings in respect of the same offence.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.