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Failure to pay GST on time will lead to confiscation of property!
Posted on: 28/Dec/2019 10:35:45 AM
Revisions are being carried out in GST Rules and Regulations so as to include the action to confiscate the properties of the concerned individual/agency/company in case GST is not paid even after repeated reminders.
More than 1 Crore parties who have registered in the GST system has failed to pay GST on time. The above stringent revisions are proposed mainly in order to take up a more stringent approach and establish a smoother working relationship with those who pay GST regularly and on time.
This Regulation will facilitate the officials of the Indirect tax and Customs Department to take action on the failed GST payment.
The officials shared in this regard:
As per the rules, GST must be paid 3 days before the deadline set for GSTR-3A, that is, before the 20th of every month. Any failure in this regard will lead to a warning/reminder message to the concerned. After another 5 days, notices will be sent on the electronic mode.
15 days’ time will be given to pay the due GST. In case there is no response for this, the officials concerned will initiate action.
If the due amount of GST is not paid within 30 days after the reminder, properties may be confiscated or the bank accounts may be blocked.
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