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CHAPTER XVII - INSPECTION, SEARCH AND SEIZURE
Rule 139 - Inspection, search and ...
Rule 140 - Bond and security for r...
Rule 141 - Procedure in respect of...Rule 140 - Bond and security for release of seized goods
https://www.gstgyaan.com/rule-140-of-the-cgst-rules-bond-and-security-for-release-of-seized-goods
140. Bond and security for release of seized goods.[1]
(1) The seized goods may be released on a provisional basis upon execution of a bond for the value of the goods in FORM GST INS-04 and furnishing of a security in the form of a bank guarantee equivalent to the amount of applicable tax, interest and penalty payable. Explanation.- For the purposes of the rules under the provisions of this Chapter, the “applicable tax” shall include central tax and State tax or central tax and the Union territory tax, 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 produce the goods at the appointed date and place indicated by the proper officer, the security shall be encashed and adjusted against the tax, interest and penalty and fine, if any, payable in respect of such goods. |
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