Under the section 150 of CGST act, asks specified taxpayers to furnish an Information Return. This document is not like the regular GST returns. It is an information statement that helps in verifying the compliance levels of registered persons through information procured from independent third-party sources.
The information return under GST should be filed by any person who is a:
The assessee mentioned above should file the Information Return if they are required to maintain the following details under any law in force:
If the assessee fails to furnish the Information return within the prescribed/ordered time, he/she will have to pay INR 100 as a penalty for every day for which the default continues. However, the maximum amount of penalty payable for the failure to furnish this return is INR 5000.
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