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.

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.

Related provisions of the Statute:

SectionDescription
Section 150Obligation to furnish information return

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.

Frequently Asked Questions

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

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

Would penalty under this section be payable for defective returns?

No, the penalty for defective information returns would not be payable under this section. But the information return will be treated as not filed if the defective returns are not rectified and in such case the penalty will be leviable.

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

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

Recommended Articles –

Join the Discussion