Section 123 of GST – Penalty for failure to furnish information return
Statutory provision If a person who is required to furnish an information return under section 150 fails to do so within the period specified in the notice issued under sub-section (3) thereof, the proper officer may direct that such person shall be liable to pay a penalty of one hundred rupees for each day of the period during which the failure to furnish such return continues: Provided that the penalty imposed under this section shall not exceed five thousand rupees. Related provisions of the Statute:
Analysis and Updates
Introduction This section would be relevant where the information return as prescribed under section 150 is not filed. Section 150 requires certain class of person to maintain records and furnish information return within the prescribed time. Analysis If the person who is required to file an ‘information return’ as prescribed under section 150 has not filed the return within the stipulated period of 30 days or such further period (please see section 150(2) and 150(3)) from the date of issue of show cause notice, a penalty of ` 100/- per day shall be levied for each day for which the failure continues but not exceeding five thousand rupees. Comparative Review The provision is similar to section 15B of Central Excise Act, 1944. Recommended Articles –
GST ScopeGST ReturnGST FormsGST RateGST RegistrationWhat is GST?GST Invoice FormatGST Composition SchemeHSN CodeGST LoginGST RulesGST StatusTrack GST ARNTime of Supply
