Obligation to furnish information return [Section 150] - GST Ready Reckoner - GST

Obligation to furnish information return obligation to furnish information return [ Section 150(1) ] Any person who is responsible/accountable for Maintaining record of registration or statement of accounts or Any periodic return or Document containing details of payment of tax and other details of transaction of goods or services or both or Transactions related to a bank account or consumption of electricity or Transaction of purchase, sale or exchange of goods or Property or right or interest in a property under any law for the time being in force Shall furnish an information return of the same in respect of such periods, within such time, in such form and manner and to such authority or agency as may be prescribed. If found defective , the same must be rectified within 30 days [ section 150(2) ] If the information furnished is found defective or incomplete , the same shall be rectified within 30 days , If not rectified it shall be treated as not furnished. Extention of period not exceeding 90 days [ Section 150(3) ] Where a person who is required to furnish information return has not furnished the same within the time specified the said authority may serve upon him a notice requiring furnishing of such information return within a period not exceeding ninety days from the date of service of the notice and such person shall furnish the information return. Subject to Section 150(1) the following are required to maintain Information return a taxable person or a local authority or other public body or association or any authority of the State Government responsible for the collection of value added tax or sales tax or State excise duty or an authority of the Central Government responsible for the collection of excise duty or customs duty or an income-tax authority appointed under the provisions of the Income tax Act, 1961 or a banking company within the meaning of section 45A(a) of the Reserve Bank of India Act, 1934 or a State Electricity Board or an electricity distribution or transmission licensee under the Electricity Act, 2003, or any other entity entrusted with such functions by the Central Government or the State Government or the Registrar or Sub-Registrar appointed under section 6 of the Registration Act, 1908, or a Registrar within the meaning of the Companies Act, 2013 , or the registering authority empowered to register motor vehicles under the Motor Vehicles Act, 1988, or the Collector referred to in section 3(c) of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 or the recognised stock exchange referred to in section 2(f) of the Securities Contracts (Regulation) Act, 1956 or a depository referred to in section 2(1)(e) of the Depositories Act, 1996 or an officer of the Reserve Bank of India as constituted under section 3 of the Reserve Bank of India Act, 1934 or the Goods and Services Tax Network, a company registered under the Companies Act, 2013 or a person to whom a Unique Identity Number has been granted u/s 25(9) of CGST Act, 2017 or any other person as may be specified, on the recommendations of the Council, by the Government Penalty for failure to furnish information return [ Section 123 ] 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 u/s 150(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: The penalty imposed under this section shall not exceed ₹ 5,000/-. Penalties on person engaged in compilation or computerisation thereof or if any officer of central tax having access to information specified u/s 150(1) [ Section 133 ] Where any person engaged in compilation or computerisation thereof or if any officer of central tax having access to information specified u/s 150(1), if any person engaged in connection with the provision of service on the common portal or the agent of common portal, wilfully discloses any information or the contents of any return furnished under this Act or rules made thereunder otherwise than in execution of his duties under the said sections or for the purposes of prosecution for an offence under this Act or under any other Act for the time being in force, he shall be punishable with imprisonment for a term which may extend to six months or with fine which may extend to ₹ 25,000/-, or with both.