Goods and Services Tax – GST – By: – Mr. M. GOVINDARAJAN – Dated:- 7-3-2017 Last Replied Date:- 7-3-2017 – What is information return? An information return is a tax document that certain persons are required to file with the Internal Revenue Service to report certain business transactions. An information return is not an income tax return; it is used for reporting 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 transactions 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
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rresponding 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 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 Act, 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 t
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ed 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 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 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 per
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