Question ID : 36949

Penality for not filing ITC4 in GST

An asessee is not filing quarterly ITC 4 returns as he is not having details of Goods sent for washing and received back datewise as he is a small businessman. Whether there are any penal provisions under the act

Answer ID : 76258

Section 150 of the CGST Act, 2017 specifies that a taxable person, who is responsible for furnishing any periodic return containing details of payment of tax and other details of transaction of goods or services or both shall furnish an information return of the same in respect of such periods, within such time, in such form and manner as may be prescribed. Where the person has not furnished the information return within the specified time, Section 123 of the CGST Act, 2017 imposes a penalty of Rs.100 for each day of the period during which the failure to furnish information return continues and such penalty shall not exceed Rs.5000/- Alternatively, a general penalty under section 125 of CGST Act, 2017 which may extend to Rs. 25000/- has been prescribed for any contravention of provisions of this Act or Rules made there under for which no penalty is separately provided for.

Answer ID : 76259

Section 150 of the CGST Act, 2017 specifies that a taxable person, who is responsible for furnishing any periodic return containing details of payment of tax and other details of transaction of goods or services or both shall furnish an information return of the same in respect of such periods, within such time, in such form and manner as may be prescribed. Where the person has not furnished the information return within the specified time, Section 123 of the CGST Act, 2017 imposes a penalty of Rs.100 for each day of the period during which the failure to furnish information return continues and such penalty shall not exceed Rs.5000/- Alternatively, a general penalty under section 125 of CGST Act, 2017 which may extend to Rs. 25000/- has been prescribed for any contravention of provisions of this Act or Rules made there under for which no penalty is separately provided for.

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