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TMI BlogFURNISHING INFORMATION RETURN UNDER MODEL GST ACTX X X X Extracts X X X X X X X X Extracts X X X X ..... FURNISHING INFORMATION RETURN UNDER MODEL GST ACT X X X X Extracts X X X X X X X X Extracts X X X X ..... rting purposes only. Furnishing of information return under GST Act Section 139 of the Model Goods and Services Tax, Act, 2016 makes it obligation on any person 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 trans ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... actions related to bank account; or * consumption of electricity; or * transaction purchase, sale or exchange of goods or property or right of interest in a property, shall furnish an information return of the same in respect of such periods, within such time, in such form, including electronic form and manner, to such authority or agency as may be prescribed. Who are to furnish information ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... return? Section 139 provides the following persons are under an obligation to furnish information return- * a taxable person; or * a local authority or other public body or association; or * 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 collection of excise ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... duty or customs duty; or * an income tax authority appointed under the provisions of the Income Tax Act, 1961; or * a banking company with the meaning of Section 45A(a) of Reserve Bank of India Act, 1934 (Section 45A(a) of RBI Act defines the term 'Banking company' as banking company as defined in section 5 of the 3 [Banking Regulation Act, 1949], and includes the State Bank of India, 4 [any s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959, any corresponding new bank constituted by section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and any other financial institution notified by the Central Government in this behalf) or * a State Electricity Board; or an electricity distribution or transmission licensee under the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Electricity Act, 2003 or any other entity entrusted, as the case may be, with such functions by the Central Government or the State Government; or * the Registrar or Sub Registrar appointed under the Registration Act, 1908; * a Registrar within the meaning of the Companies Act, 2013; or * the registering authority empowered to register motor vehicles under Chapter V of the Motor Vehicles Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, 1988; or * the Collector referred to in Section 3© of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013; or * the recognized stock exchange referred to Section 2(f) of Securities Contracts (Regulations) Act, 1956; or * a depository referred to in Section 2(1) of the Depositories Act, 1996; or * an officer of the Reserve B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ank of India, constituted under Section 3 of the Reserve bank of India Act, 1934; or * Goods and Service tax network; or * A person to whom a Unique Identity Number has been granted under Section 23(8), which provides that the registration or the Unique Identity Number, shall be granted or, as the case may be, rejected after due verification in the manner and within such period as may be presc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ribed; * Any other person as may be prescribed, on the recommendation of the Council, by the Central or State Government. Furnishing of information return The procedure involving in filing of information return is as stated below- * The person, who is responsible for furnishing of information return, shall furnish in respect of such periods, within such time, in such form, including electron ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ic form and manner, to such authority or agency as may be prescribed; * Where the prescribed authority considers that the information submitted in the information return is defective, he may intimate the defect to the person who has furnished in such information return with directions to rectify the defect within a period of 30 days from the date of such information or within such further period ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which, on an application made in this behalf; * The prescribed authority may allow and if the defect is not rectified within the said period of 30 days or, as the case may be, the further period so allowed, then, notwithstanding anything contained in the other provisions of this Act, such information return shall be treated as not submitted and the provisions of this Act shall apply; * Where ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a person has not furnished the information return within the time specified, the prescribed authority may serve upon him a notice requiring furnishing of such information return within a period not exceeding 90 days from the date of service of the notice and such person shall furnish the information return. Penalty Section 140 provides that if a person who is required to furnish an information r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eturn fails to do so within the period specified in the notice issued, the prescribed authority may direct that such person shall pay, by way of penalty, a sum of ₹ 100/- for each day of the period during which the failure to furnish such return continues. Reply By Ganeshan Kalyani as = Tha penalty quantum seems to be very minimal. Some may tend to take the provision lightly. Dated: 7-3 ..... 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