TMI Blog2019 (2) TMI 247X X X X Extracts X X X X X X X X Extracts X X X X ..... rity 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. - R/SPECIAL CIVIL APPLICATION NO. 16599 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder seizure memo dated 11.1.2018 and handed over the seized goods under sealed cover to Shri Rajubhai N. Patel, partner of the petitioner, to keep the same in safe custody with a direction not to tamper with the same without the permission of the respondents. The petitioner requested the Additional Commissioner of Anti Evasion, GST and Central Excise, to provisionally release the finished goods which belonged to the principal suppliers and had to be returned at the earliest. 5. The officers of the third respondent, once again visited the office of the petitioner on 23.1.2018 to ascertain the value of the seized goods along with an approved valuer, who valued the seized goods at ₹ 4,10,68,644/- and, thereafter, sealed such goods. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dh, learned advocate for the petitioner, invited the attention of the Court to the provisions of section 67 of the CGST Act and, more particularly, sub-section (6) thereof, which provides that, the goods so seized under subsection (2) shall be released, on a provisional basis, upon execution of a bond and furnishing of a security, in such manner and of such quantum, respectively, as may be prescribed or on payment of applicable tax, interest and penalty payable, as the case may be . Referring to the letter dated 20.3.2018 of the petitioner addressed to the Deputy Commissioner, Anti Evasion, it was pointed out that the petitioner has paid chalan of ₹ 14,16,868/- and had credit of SGST in the electronic credit ledger amounting to ͅ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dvocates for the respective parties. The petitioner has prayed for provisional release of seized goods under subsection (6) of section 67 of the CGST Act, which lays down that the goods seized under sub-section (2) shall be released, on a provisional basis, upon execution of a bond and furnishing of a security, in such manner and of such quantum, respectively, as may be prescribed or on payment of applicable tax, interest and penalty payable, as the case may be. 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 equiv ..... X X X X Extracts X X X X X X X X Extracts X X X X
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