Release Goods on furnishing of bond in Form GST INS-04 & bank guarantee: HC

Palak Designer Diamond Jewellery Vs Union of India (Gujarat High Court) It is an admitted position that in terms of the show cause notice, the total amount of tax payable on the seized goods, totally valued at Rs.15,58,59,711/- is Rs.46,75,791/-. Adding 50% towards penalty, the total amount would come to approximately Rs.70 lakhs. The petitioner has already deposited Rs.14,16,868/- by way of challan and has reversed credit of SGST to the tune of Rs.7,90,793/-, which comes to approximately Rs.22 lakhs. Under the circumstances, if the petitioner furnishes bank guarantee of Rs.50 lakhs and a bond...