One of gst registered dealer excess goods of stock( unaccounted goods) found during survey by the proper officer. how much tax and penality applicable and which section of gst officer initiates action.
Under Section 67(1) & (2)of the CGST Act search and seizure of goods, documents or books or things can be done by proper officer. order of seizure shall be in form GST INS-02 as per Rule 139(2) of the CGST Rules,2017.
Goods seized can be released on provisional basis on execution of bond and furnishing security (BG) or on payment of tax , interest and penalty.
tax would be equivalent to tax on such goods, Intt will be computed based on facts and penalty will as per Sec 122 of the CGST Act. Section 130 of the CGST Act regrading confiscation of goods or conveyances and levy of penalty shall be applicable.
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