Penalty for failure to furnish information return Section 123 & Fine for failure to furnish statistics [ Section 124 ] - GST Ready Reckoner - GST

Penalty for failure to furnish information return In case of continuous default Penalty for failure to furnish information return [ Section 123 of CGST Act] As per section 150 of the CGST Act, 2017 provides for obligations of the taxable person(s) to furnish information/return. 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 thereof, the proper officer may direct that such person shall be liable to pay a penalty of ₹ 100/- for each day of the period during which the failure to furnish such return continues. The penalty imposed under this section, shall not exceed ₹ 5,000/- . In case of continuous default Fine for failure to furnish statistics [ Section 124 of CGST Act] Section 151 of the CGST Act, 2017 empowers the Commissioner of CGST Act, 2017 that if he considers that it is necessary so to do, he may by notification, direct that statistics may be collected relating to any matters dealt by or in connection with this Act. a. without reasonable cause fails to furnish such information or return as may be required under that section, or b. wilfully furnishes or causes to furnish any information or return which he knows to be false, he shall be punishable with a fine which may extend to ten thousand rupees and in case of a continuing offence to a further fine which may extend to ₹ 100/- for each day after the first day during which the offence continues subject to a maximum limit of ₹ 25,000/- .