Provisional release of seized goods requires bond and bank guarantee security, with forfeiture risk on non-production. Seized goods may be released provisionally on execution of a bond for the value of the goods in FORM GST INS-04 and furnishing of a bank guarantee as security equal to the amount of applicable tax, interest and penalty payable. Applicable tax includes central tax, State tax, Union territory tax and any cess payable under the Goods and Services Tax (Compensation to States) Act, 2017. If the goods are not produced on the appointed date and place, the security may be encashed and adjusted against tax, interest, penalty and fine payable.
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Provisional release of seized goods requires bond and bank guarantee security, with forfeiture risk on non-production.
Seized goods may be released provisionally on execution of a bond for the value of the goods in FORM GST INS-04 and furnishing of a bank guarantee as security equal to the amount of applicable tax, interest and penalty payable. Applicable tax includes central tax, State tax, Union territory tax and any cess payable under the Goods and Services Tax (Compensation to States) Act, 2017. If the goods are not produced on the appointed date and place, the security may be encashed and adjusted against tax, interest, penalty and fine payable.
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