Case Law Details
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 for the value of the goods in FORM GST INS-04, the interest of justice would be served.
In the light of the above discussion, without entering into the merits of the controversy, the petition is partly allowed in the following terms.
The respondents No.2 and 3 are directed to forthwith provisionally release the seized goods of the petitioner under sub-section (6) of section 67 of the CGST Act, upon the petitioner executing a bond in FORM GST INS-04 for the total value of the seized goods, and furnishing a bank guarantee of Rs.50 lakhs.
FULL TEXT OF THE HIGH COURT ORDER / JUDGMENT
Please become a Premium member. If you are already a Premium member, login here to access the full content.
