Section 123 of CGST Act 2017: Penalty for Failure to Furnish Information Return

Provisions under Section 123 of the Central Goods and Services Tax (CGST) Act, 2017 relating to “Penalty for Failure to Furnish Information Return”, are as under:

Section 123 of CGST Act 2017: Penalty for Failure to Furnish Information Return (CHAPTER XIX – OFFENCES AND PENALTIES)

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.

Amendments History:

1. CBEC notifies 1st July 2017 as the Commencement date for Section 123 of the CGST Act 2017, vide Notification 9/2017 Central Tax.

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Govt. has notified the CGST Act, 2017 on 12th April, 2017, which has subsequently been amended through the CGST (Extension to J&K) Act 2017, Finance Act 2018, CGST Amendment Act 2018, Finance (No. 2) Act 2019, Finance Act 2020, Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance 2020. Further, CBEC/ CBIC has also issued various Notifications from time to time, relating to the commencement date of various Sections/ Provisions in the respective CGST/ Amendment Acts, wherever required.