There are a lot of questions in the minds of dealers as well as practitioners as to how the credits for existing stock will be available, in order to make it clear let us discuss the rules finalized by the government along with relevant provisions under the CGST Act 2017.
Rule-6: Determination of Value in respect of certain supplies: This rule starts with a non obstant clause i.e. notwithstanding any thing contained in other rules, value shall at the option of the supplier in respect of certain supplies as specified hereinafter be determined as per this rule:
VALUATION RULES FOR SUPPLY OF GOODS OR SERVICES APPLICABLE WHEN VALUE CAN NOT BE DETERMINED AS PER THE PROVISIONS OF SECTION 15 OF THE CGST ACT.
Section 132 provides for list of offences which shall be punishable with gradation of fine and imprisonment depending on the amount of tax evaded or the amount of input tax credit wrongly availed or utilized or the amount of refund wrongly taken. This clause also provides for offences which shall be non-cognizable and bailable or cognizable and non-bailable.
