Dear sir/madam,
Department conducted search and found stock at undeclared place or stock found without invoices. Now Department seized the said goods under INS-02 and handed over through INS-03 for safe custody.
Later on , party sold out these goods without informing Department and without release from Department.
Now what action can Department take against the party ?
Taxpayer Faces Penalties Under CGST Act Section 122 for Selling Seized Goods Without Invoices or Proper Release. A discussion on a forum revolves around a taxpayer who sold goods seized by the GST Department without obtaining release. The department had seized the goods due to their storage at an undeclared location and lack of invoices. Experts on the forum discuss potential actions under the CGST Act, 2017, including penalties under Section 122 for issuing invoices without actual supply and retaining benefits from such transactions. Penalties could involve recovery of tax, interest, fines, and possible criminal proceedings. The discussion highlights the seriousness of the taxpayer's actions and the importance of adhering to legal procedures. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
