Sale of Goods at Concessional Rates Alone Does Not Amount to Sham Transaction; SCN Quashed: Jharkhand High Court

In a significant ruling, the Jharkhand High Court has quashed notices issued by the State Tax authorities under Section 61 of the Jharkhand Goods and Services Tax Act, 2017 (JGST Act). The notices had asked various businesses, including M/s. Saraswati Stone Works and M/s. Sri Ram Stone Works, to explain why they sold goods at a price lower than the market rate. The court held that the notices were beyond…