Section 123 of CGST Act 2017: Penalty for Failure to Furnish Information Return
Provisions under Section 123 of the Central Goods and Services Tax (CGST) Act, 2017 relating to “Penalty for Failure to Furnish Information Return”, are as under:
Section 123 of CGST Act 2017: Penalty for Failure to Furnish Information Return (CHAPTER XIX – OFFENCES AND PENALTIES)
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.
The Central Goods and Services Tax (CGST) Act, 2017 was notified by Govt. on 12 April, 2017 and CBIC has notified the commencement date for various Sections/ Provisions thereof from time to time. Subsequently, Govt. has notified the Central Goods and Services Tax (CGST) (Amendment) Act, 2018 on 30 Aug. 2018. However, commencement date of amended provisions of various Sections is to be separately notified by CBIC, except where specifically mentioned in the CGST Amendment Act, 2018 itself.