Sec 150 – Obligation to furnish information return

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Sec 150 – Obligation to furnish information return 2017-04-14T03:07:22+00:00

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  • Miloni ShahMiloni Shah
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    (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; or
    (e) a banking company within the meaning of clause (a) of section 45A of the Reserve Bank of India Act, 1934; or
    (f) a State Electricity Board or an electricity distribution or transmission licensee under the Electricity Act, 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; or
    (h) a Registrar within the meaning of the Companies Act, 2013; or
    (i) the registering authority empowered to register motor vehicles under the Motor Vehicles Act, 1988; or
    (j) the Collector referred to in clause (c) of section 3 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013; or
    (k) the recognised stock exchange referred to in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956; or
    (l) a depository referred to in clause (e) of sub-section (1) of section 2 of the Depositories Act, 1996; or
    (m) an officer of the Reserve Bank of India as constituted under section 3 of the Reserve Bank of India Act, 1934; or
    (n) the Goods and Services Tax Network, a company registered under the Companies Act, 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.
    (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.
    (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.

    Priya MadrechaPriya Madrecha
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    150.1  Introduction
    This is an administrative provision. This Section requires specified persons to furnish an information return with the prescribed authority.  150.2 . Analysis
    A return called an ‘information return’ would be required to be filed by specified persons. It is expected that this would be used by the Government/s for exchange of information.
    Specified persons who would be required to furnish the return:
    Nature of persons who would be required to file the return would be:     If the said persons are responsible for maintaining:
    •    Taxable Person.
    •    Local Authority, Other Public Body or Association.
    •    Authority responsible for collecting VAT, Sales Tax, State Excise Duty, Central Excise Duty or Customs Duty.
    •    Authority appointed under Income Tax.
    •    Banking Company
    •    State Electricity Board
    •    Registrar     or     Sub-Registrar     of
    Registration Act, 1908
    •    Registrar of Companies
    •    Registering authority of Motor Vehicles
    •    Collector
    •    Recognised Stock Exchange
    •    Depository of Shares
    •    Officer of Reserve Bank of India
    •    Goods & Service Tax Network
    •    Person to whom Unique Identity Number
    (UIN) is granted
    •    Any other specified person     •    Records of registration
    •    Statement of accounts
    •    Periodic returns
    •    Details of payment of tax
    •    Any other details of transaction of goods or services
    •    Transaction relating to bank account
    •    Transaction relating to consumption of
    electricity
    •    Transaction of purchase
    •    Sales
    •    Exchange of goods or property
    •    Right or interest in a property
    •    It is not essential that the above should be under the GST Act. It would include the maintenance of the said records / details under any other law.
    The periodicity, form and manner of filing such returns will be prescribed by way of Rules / Regulations.
    Implications of non-compliance
    1.    If the details filed are defective:
    o    Defect should be intimated to the person who has furnished such information return.
    o    Reasonable opportunity should be given to rectify the defect in the return  o Defect should be rectified within a period of 30 days from the date of such information or within such further period.
    If the defect in the return is not rectified within the time prescribed, the information return should be treated as not submitted and penalty of Rs.100/- per day for each day during which the failure continues, would be payable subject to a maximum of Rs.5,000 in terms of section 123 of the CGST Act.
    2.    If no return is filed:
    o    Authority may serve a notice requiring him to furnish such information return.
    o    It should then be filed within a period not exceeding 90 days from the date of service of notice.
    150.3 Comparative Review
    The provision is similar to Section 15A of Central Excise Act, 1944. 150.4 Related provisions
    Statute      Section / Rule / Form      Description             Remarks
    CGST     Section 123     Penalty     for     non
    Information Return      filing     of     None
    150.5 FAQs
    Q1. What type of persons would be required to file the information return?
    Ans.  Any person who is responsible for maintaining any of the following would be required to file the information return.  o Records of registration  o Statement of accounts  o Periodic returns  o Details of payment of tax
    o    Any other details of transaction of goods or services  o     Transaction relating to bank account  o     Transaction relating to consumption of electricity  o     Transaction of purchase  o     Sales
    o    Exchange of goods or property  o     Right or interest in a property
    Q2. Is this return required to be filed by every taxable person?
    Ans.  No. Only the persons responsible for maintaining any of the above mentioned records / details would be required to file this return.

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