Chapter XIX (Sections 122-138) of the Central Goods and Services Tax (CGST) Act, 2017 deals with provisions related to offences and penalties. Section 124 of Central Goods and Services Tax Act, 2017 (12 of 2017) provides for Fine for failure to furnish statistics under CGST Act 2017.
Recently, we have discussed in detail section 123 (i.e. Penalty for failure to furnish information return) of CGST Act 2017. Today, we learn the provisions of section 124 of the CGST Act 2017. Complete Details of CGST Section 124 – Fine for failure to furnish statistics. You may CLICK HERE to download list of all sections of CGST Act 2017 in PDF format.
Notes on Section 124 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 any person required to furnish any information or return under section 151, —
(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 one hundred rupees for each day after the first day during which the offence continues subject to a maximum limit of twentyfive thousand rupees.