NEW DELHI, Jan. 3 -- Not filing goods and services tax (GST) returns on time could cost businesses their assets, as well as their tax registrations, according to a set of instructions issued by the government to field officers in a move aimed at improving compliance.
The standard operating procedures issued by the Union finance ministry on 24 December instructs field officers to provisionally attach assets of registered GST assesses, including bank accounts, in cases where they think it is needed to protect the revenue interests of central and state authorities. Such attachments will be resorted to in cases where businesses do not file returns even after a notice is issued to them asking them to do so in 15 days. Officers will also proceed...