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GST returns not filed? Your bank account can be frozen by taxman

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According to a recent report in TOI a new set of rules have been green lit to GST authorities as a measure to ensure better compliance with GST rules. With a large number of GST registered entities failing to file GST returns on time the rules will enable GST-authorities to attach your property and banks accounts if despite repeated reminders you fail to file tax returns.

According to the news GST officers have been instructed to go hard on such defaulters. The process to nudge the entity and it's officials will begin 3 days ahead of the deadline for filling GSTR-3A of the final returns. The due date for the same us by the 20th of every month. Post the due date a system-generated message will be sent to all the defaulters.If the entity fails to comply, five-days after the due date, an electronic notice will be served. giving it 15 days to furnish the returns.

If notice elicits no response, tax officials have been instructed to undertake assessment based on the available data. The CBIC, in the three-page standard operating procedure issued on Tuesday has decided to go strong against "defaulters".

The SOP issues 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."

Officials can initiate recovery action, according to the SOP, if the entity fails to respond to the assessment order for 30 days. VAT and service tax carried such provisions but were invoked in extreme cases only.

Article is inspired by the article in economic times. Click here to read 

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