Section 123 of GST – Penalty for failure to furnish information return

Section 123 of GST – Penalty for failure to furnish information return. In this GST Section you may find all details for Penalty for failure to furnish information return as per GST Act 2017Detailed Analysis of GST Section 123 of GST Act 2017. We Provide Complete Details for All GST Section’s and In this article you may find all details for GST Section 123Check Section Wise Analysis of GST Act 2017, Chapter Wise Analysis of GST All Sections. in this article you may find complete details regarding Section 123 of GST Act 2017 – Penalty for failure to furnish information return, gst all sections and definitionsNow Check more details from below…..

Must Read – List of all sections of GST

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.

Analysis and Updates

Introduction

This Section would be relevant where the information return as prescribed under Section 150 is not filed.

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 (please see section 150(2)) 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.

Related provisions

Section Description
Section 150 Obligation to furnish Information Return

FAQs

Q1. What would be the penalty for not filing the information return?

Ans. Penalty of Rs.100 per day would be applicable for each day for which the failure continues subject to maximum of Rs. 5,000/-.

Q2. Would penalty under this Section be payable for defective returns?

Ans. No, the penalty for defective information returns would not be payable under this section.

Q3. Is there any maximum ceiling on penalty payable for failure to furnish information return u/s. 150?

Ans. Yes. There is maximum ceiling of Rs. 5,000/- for failure to furnish information return u/s. 150.

Recommended Articles –