New Delhi: A new set of regulations by the Narendra Modi-led government has given the green signal to GST (Goods and Services Tax) authorities to attach the property and freeze the bank account of those who fail to file their tax returns on time.
The CBIC (Central Board of Indirect Taxes and Customs) issued the three-page standard operating procedure (SOP). It reads,”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 SOP
The latest move comes after authorities found that about 20 percent of GST assesses do not file returns, impacting the revenue collection. Directing the officials to step up efforts, the Centre has set an ambitious Rs 1.1 lakh crore monthly GST target for the remaining four months of the current fiscal.
The taxmen will begin the process to intimate the businesses three days before the due date for filing GSTR-3A of the final returns. The deadline for the same is by 20th of every month.
After the due date, a message, reminding all the defaulters to file the returns will be sent. After five days of due date, a fresh notice (in Form GSTR 3A) will be issued to the concerned proprietor of business and Karta in case of HUFs.
As per the reports of The Times of India, if the defaulter fails to answer the review order for 30 days, the GST authorities will initiate recovery action by attaching their properties.