UNDERVALUATION OF GOODS IN TRANSIT

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..... UNDERVALUATION OF GOODS IN TRANSIT
Query (Issue) Started By: - Sadanand Bulbule Dated:- 25-10-2019 Last Reply Date:- 26-10-2019 Goods and Services Tax - GST
Got 2 Replies
GST
Dear Experts Dhanteras Greetings. Unlike in the pervious indirect tax regime like VAT,Central Excise, in my opinion the specific provision to deal with the situations of suspecting the undervaluation of goods i .....

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..... n transit is not available under the present GST Acts. Despite, the proper officers under the GST Acts during the course of interception of conveyance are resorting to estimate the value of goods being in transit and proposing to levy penalty under Section 129(3) of the GST Acts by rejecting such documents, on the ground of huge difference between transaction value as per the prevailing market rat .....

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..... e and the value of goods declared in tax invoice.To substantiate their estimation, some times proper officers are relying on the expert opinions of the reputed research institutions based on the testing of such sample goods drawn from the conveyance. The query is, whether the proper officers are empowered to suspect the value of goods being in transit based on the prevailing market rates, estimat .....

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..... e the value of such suspected goods and levy penalty under Section 129(3) of the GST Acts on such grounds? And why? Please enlighten on the issue. Reply By Alkesh Jani: The Reply: Sir, Please refer WP(C).No. 32324 of 2018 of Kerela High Court in case of N.V.K.MOHAMMED SULTHAN RAWTHER Vs. Union of India = 2018 (11) TMI 1503 - KERALA HIGH COURT. Hope this will help you. Thanks, With Regards R .....

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..... eply By Sadanand Bulbule: The Reply: Thank you so much Sir for quick clarification. So kind of you. With profound regards.
Discussion Forum - Knowledge Sharing .....

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