GST Return filing: Good and Services tax requires strict compliance when it comes to filing returns. After all, money collected from the GST forms a sizeable chunk of Central Government's revenue. Now, if you don't file the returns in time and ignore the reminders sent to you by the Income Tax Department, it may go ahead and freeze your assets such as your bank account and even your property.
Various media reports said that the rule has been given a green signal by the government.
The I-T department sends notices to those who default on GST return filing. Immediate compliance is expected in such cases. However, they are several cases in which a person or an entity fails to pay heed. The department at times sends multiple notices to remind the payer about filing. It may well be that a business ignores the notices.
But here is when things may start to get serious.
The I-T Department may now have the power to seize your property and bank account.
Process to start 3 days before GSTR deadline:
Deadline to file GSTR is usually the 20th of every month. The defaulters will be sent a system generated message. This message is sent to Income Tax Department officials as well to inform them of the defaulters.
Defaulters to get notice five days post-deadline:
The defaulters who fail to file GSTR-3B return will be sent a notice 5 days after the deadline. If the defaulter does to file even then, an assessement notice will be sent to the defaulter. If however, the assessee fails to file the tax, the department can issue a tax demand
Latest Business News
