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of <h1>Finance Bill 2020 Amends Section 122 of CGST Act: New Penalty for Benefiting from Specific Tax Transactions</h1> Clause 124 of the Finance Bill, 2020 proposes an amendment to section 122 of the Central Goods and Services Tax Act. It introduces a new sub-section (1A), which imposes a penalty on any person who benefits from specific transactions outlined in sub-section (1) clauses (i), (ii), (vii), or (ix) and initiates such transactions. The penalty is equivalent to the amount of tax evaded or the input tax credit availed or passed on. This amendment aims to hold accountable those who orchestrate and benefit from tax-related transactions.
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