Around 2.5 lakh defaulters: GST department may initiate confiscation procedures after November
Thrissur: Delay or non-payment of returns or non-payment of penalty over delay, after taking GST registration will invite stringent action from GST departments, say reports. Around 2 lakh traders have failed to comply with the mandate prescribed and if the situation prevails, GST department may initiate confiscation procedures against these defaulters from November.
Meanwhile, to promote prompt payment from traders, the GST department has reduced monthly fine over non-payment of returns from Rs 10,000 to Rs 1,000. Similarly, the time period for payment of fine was extended to November 30. However, both measures did not bring much change. It is at this juncture that GST department is planning to come up with stringent measures.