Resolving seizure of goods, conveyance issue to be taxing

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Settling matters related with seizure of goods and conveyance may prove troublesome once amendment in GST Law through Finance Bill, 2021 gets enacted.

The Finance Bill has proposed amendment in Sections 74, 107(6), 129 and 130 of CGST law, which are related to the transport and storage of goods during transit. The Lok Sabha is scheduled to consider and pass the Finance Bill 2021 during the second half of the Budget session starting March 8.

The change in the law that has been proposed is goods can be releasedon payment of penalty equal to 200 percent of tax payable on such goods or 50 percent of the value of goods (100 percent of value of goods on account of both CGST & SGST), whichever is higher.

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