Penalty for failure to furnish information or return under section 150 or 151 :
If a person who is required to furnish an information return under section 150 fails to do so within the period specified in the notice issued under -section 150(3), the proper officer may direct that such person shall be liable to pay a penalty of one hundred rupees for each day of the period during which the failure to furnish such return continues. The penalty imposed under this section shall not exceed five thousand rupees – section 123 of
CGST Act.
If any person required to furnish any information or return under section 151 – (a) without reasonable cause fails to furnish such information or return as may be required under that section, or (b) wilfully furnishes or causes to furnish any information or return which he knows to be false, he shall be punishable with a fine which may extend to ten thousand rupees and in case of a continuing offence to a further fine which may extend to
one hundred rupees for each day after the first day during which the offence continues subject to a maximum limit of twenty five thousand rupees – section 124 of CGST Act.