(1) Where the goods or things seized are of perishable or hazardous nature, and if the taxable person pays an amount equivalent to the market price of such goods or things or the amount of tax, interest and penalty that is or may become payable by the taxable person, whichever is lower, such goods or, as the case may be, things shall be released forthwith, by an order in FORM GST INS-05, on proof of payment.
(2) Where the taxable person fails to pay the amount referred to in sub-rule (1) in respect of the said goods or things, the [proper officer] may dispose of such goods or things and the amount realized thereby shall be adjusted against the tax, interest, penalty, or any other amount payable in respect of such goods or things.
 This rule was inserted by CGST(3rd A)R, 2017 vide Notification No. 15/2017-Central Tax dt. 01-07-2017 wef 01-07-2017.
 Substituted for words “Commissioner’ by Rule 12 of The CGSTR(3rd A), 2020 vide Notification No. 16/2020-Central Tax dt. 23-03-2020 wef 23-03-2020.