Obligation to furnish information return by various authorities :
Information relating to taxable person is available with various authorities like taxable person himself, authorities of State and Central Government collecting taxes, income tax, banks, Registrar of companies, RTO, Registrar of land records, Collector, Stock Exchange, depository, RBI, GSTN Network etc.
Such authorities are required to furnish information return as may be prescribed – section 150(1) of CGST Act.
The information that can be called by Commissioner may be relating to payment of taxes relating to goods or services, bank account, consumption of electricity, sale or exchange of goods or property etc.
The person who is responsible to maintain records or statements in respect of aforesaid information shall supply the information return to prescribed authority as required by him.
If the information as supplied is defective, the prescribed authority can give the person concerned opportunity to rectify the defect within 30 days. If the information is not corrected, it will be as if the information has not been submitted to prescribed authority.
If the information is still not supplied, the ‘prescribed authority shall service a notice on him to furnish information within 90 days – section 150(3) of CGST Act.
There is exactly similar provision in section 285BA of Income Tax Act, 1962 and section 108A of Customs Act.
If information return is not supplied, penalty can be imposed under section 123 of CGST Act.