Abhishek trivedi (student) (35 Points)
08 March 2020
Spurto Consultancy Services
(Consultant)
(1891 Points)
Replied 08 March 2020
Under section 129 of the CGST Act, 2017, the tax/penalty is applicable both on the transporter and the owner of goods.
The relevant provision reads as under:
"______________________________
a) on payment of the applicable tax and penalty equal to one hundred per cent. ofthe tax payable on such goods and, in case of exempted goods, on payment ofan amount equal to two per cent. of the value of goods or twenty-five thousand rupees, whichever is less, 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 of the goods does not come forward for payment of such tax and penalty;
c) upon furnishing a security equivalent to the amount payable under clause (a) or clause (b) in such form and manner as may be prescribed:
_____________"
Pankaj Rawat
(GST Practitioner)
(55057 Points)
Replied 08 March 2020
CAclubindia
