Failure in filing of GST return could lead to the ceasing of your assets.

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Income tax return

GST (Goods and Service Tax) filing date, the 20th of each month could now prove to be a somewhat deadly deadline. A new set of rules grant the GST authorities to adapt several strategies in order to achieve better compliance, says a report by TOI.

Failure in filing of GST return could cost people their money and home. If, despite repeated reminders, one fails to file tax returns, the new rules shall allow the authorities to attach one’s property and bank accounts. This free rein has been given to the authorities owing to the fact that almost 1 crore GST registered entities fail to file tax return on time.

The top officials of Central Board Of Indirect Taxes and Customs (CBIC) have been ordered to have a strong demeanour towards the defaulters. This process shall begin three days ahead of the deadline for GSTR-3A filing, of the final returns for which the due date is same by the 20th of every month. This has been made a part of The Standard Operation Procedure (SOP) by the Finance Ministry in case of non filing of the tax return.  The assessees can GST return either monthly (normal supplier) or quarterly (supplier opting for composition scheme). The report told that almost 20% fail to file their return which wounds the revenue collection.

After the due date, a system generated message will be sent to all the defaulters. All authorised personnel, of the entity will receive the message, be it partners, directors, or as in case of HRUs kartas, would receive this message. If the mentioned organisation fails to act in accordance under five days after the due date, an electronically generated notice will be delivered giving the institution a time of 15 days to file the returns.

If the organisation fails to respond again, tax officials will assess the tax liability factoring in the available data. The CBIC in it’s SOP states, “For the purpose of assessment of tax liability… the proper officer may take into account the details of outward supplies available in the statement furnished under section 31 (Form GSTR-1), details of supplies auto-populated in FORM GSTR-2A, information available for e-way bills, or any other information available for any other source, including from inspection.” The can initiate recovery action, according to the SOP, if the entity fails to respond to the assessment order for 30 days.

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