"(IA) 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 he liable to a penalty of an amount equivalent to the tax evaded or input tax credit availed of or passed on,".
10. In section 132 of the principal Act, in sub-section (1),—
(1) for the words "Whoever commits any of the following offences".
the words *'Whoever coninilts, or causes to commit and retain the benefits arising out of, any of the following offences" shalt be substituted:
30, April, 2021 The Nagaland Gazette, Part-V 4 Amendment of Section 140.
(ii) for clause (c), the following clause shall he suhstituted namely;—
(c) avails input tax credit using the invoke or bill referred to in clause (b) or fraudulently avails input tax credit without any invoice or bill:";
(iii) in sub-clause (e), the words ", fraudulently avails input tax credit" shall be omitted.
11. In section 140 of the principal Act, with effect from the Pt day of July.
2017.—
(a) in sub-section (1), after the words "existing law", the words "within such time and" shall be inserted and shall be deemed to have been inserted;
(b) in sub-section (2), after the words "appointed day". the words "within such time and" shall be inserted and shall he deemed to have been inserted:
(c) in sub-section (3), for the words "goods held in stock on the appointed day subject to". the words "goods held in stock on the appointed day, within such time and in such manner as may be prescribed. subject to" shall he substituted and shall be deemed to have been substituted;
(d) in sub-section (5), for the words "existing law", the words "existing law, within such time and in such manner as may be prescribed" shall be substituted and shall be deemed to have been substituted:
Amendment Section 172.
Amendment Schedule 11
(e) in sub-section (6), for the words "goods held in stock on the appointed day subject to", the words "goods held in stock on the appointed day, within such lime and in such manner as may be prescribed, subject to" shall be substituted and shall be deemed to have been substituted;
of 12. In section 172 of the principal Act, in sub-section (i), in the proviso.
for the words "three )cars". the words "five years" shall be substituted.
of 13. in Schedule II of the principal Act, in paragraph 4. the words "whether or not for a consideration,' at both the places where they occur, shall be omitted and shalt be deemed to have been omitted with effect from the i' day of July. 201 7