Yes. The seized goods can be released on provisional basis upon execution of a bond for the value of goods in FORM GST INS-04 and furnishing of security in the form of a bank guarantee equivalent to the amount of applicable tax, interest and penalty payable, or on payment of applicable tax, interest and penalty.
(ICAI FAQ PUBLICATIONS : – 06-09-2017 -INSPECTION, SEARCH, SEIZURE AND ARREST : FAQ NO.11)