Section 122 vs Section 129: What Are Differences & Applicability & More…
Sections 122 and 129 are two important provisions of the Central Goods and Services Tax (CGST) Act, which govern the penal provisions related to non-compliance with the tax laws.
Section 122 of the CGST Act lays down the provisions for the penalty to be levied in case of certain specified offenses done by a registered person. These offenses may include failure to maintain proper records, failure to file returns, and non-payment of tax or short payment of tax. The penalty for these types of failures/offenses can be up to Rs. 10,000.
On the other hand section 129 deals with the detention, seizure, and release of goods and conveyances in transit. It empowers the tax authorities to detain and seize goods and conveyances that are being transported without proper documents or are in contravention of the provisions of the GST Act.
Goods and conveyances that have been detained under Section 129 can only be released upon payment of the tax and penalty imposed under this provision.
Hereby we have understood that Section 122 deals with penalties for non-compliance by registered persons, and Section 129 deals with the detention, seizure, and release of goods and conveyances in transit that are in contravention of GST laws.
Therefore, It becomes essential for businesses to understand the implications of both sections to be compliant with the GST Act and avoid any penalties or confiscation of goods. Below is a comparison of both sections in tabular form.
ads1
|
Section 122 |
Section 129 |
Particulars |
|
Imposition of penalties for various GST offenses |
Detention of goods & conveyances in transit |
Applicability |
|
levy monetary penalties based on the types of violation |
Monetary penalties based on the tax payable on goods |
Nature of penalty |
|
In this section, the penalty amount is distinctive depending on the specific violations |
In this section, the penalty amount depends on whether the goods are taxable or exempted |
Amount of penalty |
|
This is to penalize non-compliance with GST provisions |
This is to maintain the compliance during the goods transportation |
Main purpose |
|
It only focuses on penalties rather than the release of goods |
It provides release upon the payment or security |
Release of goods |
|
Section 122 does not deal with the detention or seizure of the goods |
It deals with the detention & seizure |
Detention & seizure |
ads2
Summing it up, Sections 122 and 129 of the CGST Act are two very important provisions that control the penal consequences of non-compliance with the GST laws in India. While Section 122 deals with penalties for specified offenses committed by registered persons, Section 129 deals with the detention, seizure, and release of goods and conveyances in transit. It is important for businesses and individuals to understand these provisions to ensure compliance with the GST laws.
Also, Read: "How do I know if I have an Income Tax Notice".
FILING YOUR INCOME TAX RETURN F.Y 2022-23 (A.Y. 2023-2024) WITH MYITRONLINE
Income tax filing deadline is right around the corner. If you haven’t filed yet, do it now for FREE on Myitronline! Avoid last minute rush and file your tax return today on MYITRONLINE in Just 5 mins.(www.myitronline.com)
If you are looking for eCA assistance to file your income tax return/ GST, you can opt for MYITRONLINE eCA assisted plan starting
Upload Salary Individual Form-16
If you have any questions with filing your tax return, please reply to this mail. info@myitronline.com OR call 9971055886.
Note-All the aforementioned information in the article is taken from authentic resources and has been published after moderation. Any change in the information other than fact must be believed as a human error. For queries mail us at marketing@myitronline.com
Krishna Gopal Varshney
An editor at MyitronlinenewsKrishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.
Leave a reply
Your email address will not be published. Required fields are marked *Share this article
News Offers
Related Post
