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.
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