Home Case Index All Cases GST GST + HC GST - 2019 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (2) TMI 247 - HC - GSTProvisional release of goods - job-work - excess stock of finished goods found during search operations in the premises of job-worker - petitioner requested to provisionally release the finished goods which belonged to the principal suppliers and had to be returned at the earliest - subsection (6) of section 67 of the CGST Act - Held that:- The manner has been prescribed under rule 140 of the CGST Rules, 2017 which provides that the seized goods may be released on a provisional basis upon execution of a bond for the value of the goods in FORM GST INS-04 and furnishing of a security in the form of a bank guarantee equivalent to the amount of applicable tax, interest and penalty payable - Thus the respondents are duly empowered to provisionally release the seized goods, if the requirements of section 67 (6) of the CGST Act read with rule 140 of the CGST Rules are satisfied. The petitioner has already deposited ₹ 14,16,868/- by way of challan and has reversed credit of SGST to the tune of ₹ 7,90,793/-, which comes to approximately ₹ 22 lakhs. Under the circumstances, if the petitioner furnishes bank guarantee of ₹ 50 lakhs and a bond for the value of the goods in FORM GST INS-04, the interest of justice would be served - petition allowed in part.
|