Penalties for non-compliance with the GST Act and Regulation

Starting from 1 January 2016, action will be taken against non-compliant taxpayers with the GST Act and Regulation. With regard to the Tax Ruling issued on 24 December 2015, Director General of Compliance, Mohamed Shahid stated that penalties will be imposed on non-compliant taxpayers under this ruling from 1 January 2016 onwards.

According to the Tax Ruling TR-2015/G3 a notice of 15 days will be given to taxpayers not complying with the GST law and regulation such as not issuing receipts or tax invoices and not maintaining proper business records. If even after the 15 days, such issues have not been rectified a penalty of MVR 2000 will be charged.

 

Related documents-

1.    Website link:

https://www.mira.gov.mv/TaxLegislations.aspx

2. Website link:

https://youtu.be/mnQqMyh7Pis

27 Dec 15