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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act 2020 amends Section 122 of GST Act to impose penalties on instigators of tax evasion transactions.</h1> Section 122 of the Central Goods and Services Tax Act has been amended by the Finance Act, 2020, to include a new sub-section (1A). This provision imposes a penalty on any person who retains the benefit of certain transactions, specifically those covered under clauses (i), (ii), (vii), or (ix) of sub-section (1), and who instigates such transactions. The penalty is equivalent to the amount of tax evaded or the input tax credit availed or passed on. This amendment became effective on January 1, 2021, as per Notification No. 92/2020-Central Tax.
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