https://www.taxtmi.com/article/detailed?id=13963 Section 150 mandates that a broad range of persons maintain specified records and furnish an information return in prescribed form and period. The Commissioner or an authorised officer may treat defective submissions as not furnished after intimating defects and allowing rectification within thirty days or further time on application, and may issue a show cause notice requiring filing within a specified period. Failure to furnish invites penalty under the Act's general penalty provisions, with a daily levy subject to an overall statutory cap. The regime aims to enable cross-verification and detection of tax suppression and leakage. en-us Sat, 29 Mar 2025 08:22:21 +0530 Sat, 29 Mar 2025 08:22:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=13963 Section 150 mandates that a broad range of persons maintain specified records and furnish an information return in prescribed form and period. The Commissioner or an authorised officer may treat defective submissions as not furnished after intimating defects and allowing rectification within thirty days or further time on application, and may issue a show cause notice requiring filing within a specified period. Failure to furnish invites penalty under the Act's general penalty provisions, with a daily levy subject to an overall statutory cap. The regime aims to enable cross-verification and detection of tax suppression and leakage. Articles Goods and Services Tax - GST Sat, 29 Mar 2025 08:22:21 +0530 https://www.taxtmi.com/article/detailed?id=13963