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What is the punishment prescribed on conviction of any offence under the MGL?


The scheme of punishment provided in section 73(1) is as follows:

             Offence involving--   Punishment  (Imprisonment
 extending to--)
 Tax evaded exceeding Rs.250  lakh  5 years and fine
 Tax evaded between Rs.50 lakh  and  Rs.250 lakh  3 years and fine
 Tax evaded between Rs.25 lakh  and  Rs.50 lakh  1 years and fine

Section 73(2) provides that a second or any subsequent conviction for an offence in this section shall be punishable with imprisonment for a term that may extend to 5 years and a fine. However, no imprisonment for any of the offences shall be for a period less than six months.

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