Rule 140 of CGST Rules -Bond and security for release of seized goods

Rule 140 of CGST Rules -Bond and security for release of seized goods

(updated as on 15.11.2017)

(1) The seized goods may bereleased on a provisional basis upon execution of a bond for the value of the goods inFORM GST INS-04 and furnishing of a security in the form of a bank guaranteeequivalent to the amount of applicable tax, interest and penalty payable. Explanation.- For the purposes of the rules under the provisions of this Chapter, theapplicable tax shall include central tax and State tax or central tax and the Union territorytax, as the case may be and the cess, if any, payable under the Goods and Services Tax(Compensation to States) Act, 2017 (15 of 2017). (2) In case the person to whom the goods were released provisionally fails to producethe goods at the appointed date and place indicated by the proper officer, the security shallbe en cashed and adjusted against the tax, interest and penalty and fine, if any, payable inrespect of such goods.

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CHAPTER XVII

INSPECTION, SEARCH AND SEIZURE

Chapter XVIIof CGST Rules, 2017 consists of three rules relating to INSPECTION, SEARCH AND SEIZURERULES under the GST regime. All this rules are available for your ready reference. Rule 139 :Inspection, search and seizure Rule 140 :Bond and security for release of seized goods Rule 141 :Procedure in respect of seized goods

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