Continuous incorporation of rules and procedures under the Goods and Services Tax (GST) Act over the last 12 months has only left taxpayers gaping. A majority of them are not aware of the outcome and consequences, said S Rethinavelu, Senior President, Tamilnadu Chamber of Commerce and Industry.

Emphasising the need for greater sensitisation and dispensation of penalties and prosecutions till March 2019, he said, “There are 21 offences (under GST) which are subject to a fine/penalty of ₹10,000 and more. These include supplying goods/services without issuing an invoice, issuance of a wrong or incorrect invoice, providing a bill without supplying goods, collecting tax but failing to remit it to the government within three months, collecting full or part input tax credit without having the original bill of the goods / services, obtaining tax refund by fraudulent means, producing false financial records to file a false return, providing incorrect information during the registration, failing to deposit tax returns to the government, providing an invoice with the identification of another person and other violations carry a penalty up to ₹25,000, even if the offences are unintentional.

“Failure to write the GSTIN number in the name board of the business organization may also attract a penalty of ₹25,000. Late fee of ₹100 a day each under CGST & SGST that is, ₹200 per day with 18 per cent annual interest for late filing of returns has literally scared taxpayers as it is n the levy of penalty but imprionment as well on some of the above mentioned offences. Tha’s not all. Several amendments do not reach the tax payers on time,” Rethinavelu said, appealing for revisiting the stringent rules and penalties.

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