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TMI Blog2023 (12) TMI 826X X X X Extracts X X X X X X X X Extracts X X X X ..... the owner of the goods. Shri Nishant Mishra, learned counsel for the petitioner fairly submits that the petitioner is willing and undertakes to pay the amount of security equivalent to the amount payable under Clause (a) of Section 129 of the Central Goods and Services Tax Act, 2017 as has been determined in the order passed by the appellate authority. The relevant provisions are extracted herei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ess, where the owner of the goods comes forward for payment of such tax and penalty; (b) on payment of the applicable tax and penalty equal to the fifty per cent. of the value of the goods reduced by the tax amount paid thereon and, in case of exempted goods, on payment of an amount equal to five per cent. of the value of goods or twenty-five thousand rupees, whichever is less, where the owner o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der subsection (3) without giving the person concerned an opportunity of being heard. (5) On payment of amount referred in sub-section (1), all proceedings in respect of the notice specified in sub-section (3) shall be deemed to be concluded. (6) Where the person transporting any goods or the owner of the goods fails to pay the amount of tax and penalty as provided in sub-section (1) within fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... curity amount. Further, the findings in the impugned orders shall not influence the assessment proceedings under Section 73 and 74 of the GST Act or other appropriate provisions of the GST Act. The proceedings under Section 129 of the GST Act are summary in nature and the intent is only to protect the interest of the revenue. The deposits under Section 129 of the GST Act are always subject to fin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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