Determine the penalty payable under section 129 of CGST Act, 2017 for release of detained goods: If ABC Ltd. does not come forward for payment of tax and penalty.

If ABC does not come forward for payment of tax and penalty: Where owner of the goods does not come forward for release of goods, penalty equivalent to 5% of value of goods or ₹ 25,000 whichever is less, is required to be paid. Accordingly, ₹ 25,000 (lower of 5% of ₹ 6,00,000 or ₹ 25,000) is required to be paid as penalty for release of goods.