Penalty under CGST/SGST: higher of tax evaded or prescribed minimum; higher rate for short or unpaid tax. Section 122(1) sets the penalty for offences as the higher of the amount of tax evaded, fraudulently obtained as refund, availed as credit, not deducted or collected, or short deducted or short collected, or a specified minimum monetary sum. Section 122(2) makes registered persons who have not paid or have short paid tax on supplies liable to a penalty equal to the higher of a percentage-based charge on the tax not paid or short paid, or the same specified minimum monetary sum.