Chapter XIX (Sections 122-138) of the Central Goods and Services Tax (CGST) Act, 2017 deals with provisions related to offences and penalties. Section 123 of Central Goods and Services Tax Act, 2017 (12 of 2017) provides for Penalty for failure to furnish information return under CGST Act 2017.
Recently, we have discussed in detail section 122 (i.e. Penalty for certain offences) of CGST Act 2017. Today, we learn the provisions of section 123 of the CGST Act 2017. Complete Details of CGST Section 123 – Penalty for failure to furnish information return. You may CLICK HERE to download list of all sections of CGST Act 2017 in PDF format.
Notes on Section 123 of CGST Act 2017
Section 123 of CGST Act 2017 shall come into force on 01.07.2017 vide Notification No. 9/2017 – Central Tax, G.S.R. 658(E), dated 28.06.2017. In this note, you will learn detail of the provisions of section 123 of CGST Act 2017 read with Central GST Rules 2017.
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.