GST Jamku AIObligation to furnish information return.
Section 150(1)
Any person, being—
(a) a taxable person; or
(b) a local authority or other public body or association; or
(c) any authority of the State Government responsible for the collection of value added tax or sales tax or State excise duty or an authority of the Central Government responsible for the collection of excise duty or customs duty; or
(d) an income-tax authority appointed under the provisions of the Income-tax Act, 1961 (43 of 1961); or
(e) a banking company within the meaning of clause (a) of section 45A of the Reserve Bank of India Act, 1934 (2 of 1934); or
(f) a State Electricity Board or an electricity distribution or transmission licensee under the Electricity Act, 2003 (36 of 2003), or any other entity entrusted with such functions by the Central Government or the State Government; or
(g) the Registrar or Sub-Registrar appointed under section 6 of the Registration Act, 1908 (16 of 1908); or
(h) a Registrar within the meaning of the Companies Act, 2013 (18 of 2013); or
(i) the registering authority empowered to register motor vehicles under the Motor Vehicles Act, 1988 (59 of 1988); or
(j) the Collector referred to in clause (g) of section 3 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (30 of 2013); or
(k) the recognised stock exchange referred to in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956); or
(l) a depository referred to in clause (e) of sub-section (1) of section 2 of the Depositories Act, 1996 (22 of 1996); or
(m) an officer of the Reserve Bank of India as constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934); or
(n) the Goods and Services Tax Network, a company registered under the Companies Act, 2013 (18 of 2013); or
(o) a person to whom a Unique Identity Number has been granted under sub-section (9) of section 25; or
(p) any other person as may be specified, on the recommendations of the Council, by the Government,
who is responsible for maintaining record of registration or statement of accounts or any periodic return or document containing details of payment of tax and other details of transaction of goods or services or both or transactions related to a bank account or consumption of electricity or transaction of purchase, sale or exchange of goods or property or right or interest in a property under any law for the time being in force, shall furnish an information return of the same in respect of such periods, within such time, in such form and manner and to such authority or agency as may be prescribed.
Goods and Services Tax Compliance Rating
Section 150(1): Responsibilities for Information Return
Any person, including:
a) Taxable Person
b) Local Authority or Public Body
c) State or Central Government Authority
d) Income-tax Authority
e) Banking Company
f) State Electricity Board or Licensee
g) Registrar or Sub-Registrar
h) Registrar under the Companies Act
i) Registering Authority for Motor Vehicles
j) Collector under Land Acquisition Act
k) Recognised Stock Exchange
l) Depository
m) Officer of the Reserve Bank of India
n) Goods and Services Tax Network (GSTN)
o) Person with a Unique Identity Number
p) Others as specified by the Government
...who is responsible for maintaining records under various laws, must provide an information return regarding registrations, financial statements, periodic returns, or documents containing transaction details. This includes information on tax payments, goods or services transactions, bank account activities, electricity consumption, and property transactions. The return must be submitted within the prescribed time, in the specified format, and to the designated authority or agency.
Ensuring Compliance
To maintain a good compliance rating, it's crucial for these individuals or entities to fulfill their obligation of furnishing accurate information returns. This ensures transparency and adherence to the regulations outlined in various laws.
Conclusion
The provision under Section 150(1) emphasizes the importance of responsible reporting, contributing to the overall effectiveness of the Goods and Services Tax system. It sets the groundwork for a transparent and accountable tax environment.
Section 150(2)
Where the Commissioner, or an officer authorised by him in this behalf, considers that the information furnished in the information return is defective, he may intimate the defect to the person who has furnished such information return and give him an opportunity of rectifying the defect within a period of thirty days from the date of such intimation or within such further period which, on an application made in this behalf, the said authority may allow and if the defect is not rectified within the said period of thirty days or, the further period so allowed, then, notwithstanding anything contained in any other provisions of this Act, such information return shall be treated as not furnished and the provisions of this Act shall apply.
Goods and Services Tax Compliance Rating
In the realm of Goods and Services Tax (GST), ensuring compliance is a crucial aspect. Section 150(2) addresses the actions to be taken when there are issues with the information provided.
Rectifying Defective Information
If the Commissioner or an authorized officer finds the information in the return to be defective, they have the authority to notify the person who submitted the return. This notification provides an opportunity for rectification, allowing a window of thirty days from the date of intimation. If needed, an extension can be requested, subject to approval from the relevant authority.
Consequences of Non-Rectification
Failure to rectify the defects within the stipulated period, whether thirty days or an extended timeframe, leads to significant consequences. Despite any provisions in other parts of the Act, the information return will be considered as not furnished. In such a scenario, the standard provisions of the GST Act will come into effect.
This emphasizes the importance of accurate and timely submission of information to maintain GST compliance and ratings.
Section 150(3)
Where a person who is required to furnish information return has not furnished the same within the time specified in sub-section (1) or sub-section (2), the said authority may serve upon him a notice requiring furnishing of such information return within a period not exceeding ninety days from the date of service of the notice and such person shall furnish the information return.
Heading: Section 150(3) - Furnishing Information Return
In this section, we discuss the obligations related to furnishing an information return and the consequences of failing to do so within the specified timeframe.
Furnishing Information Return Requirement
When a person is obligated to provide an information return, it must be done within the time specified in sub-section (1) or sub-section (2). This information return is crucial for regulatory compliance and transparency.
Notice for Non-Furnishing
If, however, the person fails to furnish the required information return within the specified time, the relevant authority has the right to issue a notice. This notice will instruct the individual to provide the information return within a period not exceeding ninety days from the date of receiving the notice.
Compliance with Notice
Upon receiving the notice, it becomes mandatory for the individual to comply with the authority's instructions and furnish the information return within the stipulated ninety-day period. Failure to do so may result in further consequences as per the applicable regulations. This ensures that timely and accurate information is available for regulatory purposes.