Section 123 of CGST Act,2017 Penalty for failure to furnish information return

Section 123 of CGST Act,2017 Penalty for failure to furnish information return Section 123 of CGST Act,2017 from bare act : If a person who is required to furnish an information return under section 150 failsto do so within the period specified in the notice issued under sub-section (3) thereof, theproper officer may direct that such person shall be liable to pay a penalty of one hundredrupees 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 thousandrupees. [Stake holders may note that this penalty has been reduced to Rs. 25 for return involving tax payment & Rs. 10 for nill return.This means totallate feesof Rs. 50 per day (25 under CGST and 25 under SGST) forreturn involving tax payment &totallate feesof Rs. 20 per day (10 under CGST and 10 under SGST) for nill return]

Reduction of late fee in case of delayed filing of FORM GSTR-1

Reduction of late fee in case of delayed filing of FORM GSTR-3B

 

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CHAPTER XIX

OFFENCES AND PENALTIES

Chapter XIX of the CGST Act,2017 covers seventeen sections relating to OFFENCES AND PENALTIESunder GST. All thesesections from the CGST Act,2017 are available for your ready reference. Section 122 :Penalty for certain offences Section 123 :Penalty for failure to furnish information return Section 124 :Fine for failure to furnish statistics Section 125 :General Penalty Section 126 :General disciplines related to penalty Section 127 :Power to impose penalty in certain cases Section 128 :Power to waive penalty or fee or both Section 129 :Detention, seizure and release of goods and conveyances in transit Section 130 :Confiscation of goods or conveyances and levy of penalty Section 131 :Confiscation or penalty not to interfere with other punishments Section 132 :Punishment for certain offences Section 133 :Liability ofofficers andcertain other persons Section 134 :Cognizance ofoffences Section 135 :Presumption of culpable mental state Section 136 :Relevancy ofstatementsunder certaincircumstances Section 137 :Offences by companies Section 138:Compounding of offences

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