Companies which are late submitting returns, or who pay late or make avoidable errors on returns and those who fail to register will all face penalties.
Meanwhile, the number of businesses registering for the tax has increased in comparison to the initial launch last year.
Treasury Minister Philip Ozouf said this was a sign that the Island’s economy was healthy despite the difficult economic climate.
Since GST was introduced last May, over 90 per cent of submissions have been made on time. From July, however, companies that do not submit the required information and payment on time will be liable to penalties.
When the new tax was launched, Chief Minister Terry Le Sueur said a ‘light touch’ would be adopted in the first year. But it is now year two and firms face fines that can either double the amount to be paid or statutory penalties of up to £200.
