Clause 124 - Amendment of section 122. - Finance Bill, 2020

Amendment of section 122. 124. In section 122 of the Central Goods and Services Tax Act, after sub-section ( 1 ), the following sub-section shall be inserted, namely: ( 1A ) Any person who retains the benefit of a transaction covered under clauses ( i ), ( ii ), ( vii ) or clause ( ix ) of sub-section ( 1 )and at whose instance such transaction is conducted, shall be liable to a penalty of an amount equivalent to the tax evaded or input tax credit availed of or passed on. .