Penalty for benefit recipient: new rule makes the beneficiary liable for tax evasion or input tax credit passed on. A new sub section makes any person who retains the benefit of transactions covered by clauses (i), (ii), (vii) or (ix) of sub section (1), and at whose instance such transactions are conducted, liable to a penalty equal to the tax evaded or input tax credit availed or passed on. The amendment extends monetary liability to beneficiaries and instigators and took effect from 01-01-2021 by notification.