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of <h1>Penalties Under CGST/SGST Act: Section 122(1) and 122(2) Impose Fines for Tax Evasion and Underpayment Offenses.</h1> Under the CGST/SGST Act, Section 122(1) stipulates that any taxable person committing specified offences will face a penalty equal to the greater of the tax amount evaded or 10,000. Section 122(2) states that a registered person who fails to pay or underpays tax on supplies will incur a penalty of either 10% of the unpaid or short-paid tax or 10,000, whichever is higher.
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