Section 150 of CGST Act require some person to file an information return in specified cases. Section 123 of the CGST Act provides that if a person who is required to furnish an information return fails to do so within the period specified in the notice thereof, 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:
Provided that the penalty imposed under this section shall not exceed five thousand rupees.
Section 151 gives a power to Commissioner to ask any person to provide information required by him for collection of statistics. Section 124 of the CGST Act provides that 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.
A fine which may extend upto Rs. 10000 and a further fine which may extend to Rs. 100/ day of default subject to maximum of Rs. 25000 may be imposed on such person.