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There are various types of assessments under GST like self-assessment, provisional assessment, summary assessment and best judgement assessment. Assessment refers to determination of tax liability. An assessee under GST should self-assess his tax liability and furnish returns to declare tax payable etc.
Table of Contents
From Section 59 to 64, various types of assessments have been notified. Let’s discuss them one by one.
Every registered person is required to assess tax liability himself and furnish a return.
In case person is not able to determine value of supply or rate of tax, then payment of tax on provisional basis on implementation of bond on a request.
To verify the accuracy of return, the proper officer shall examine return and seek explanations. In case where the explanation provided is adequate, there would be no further action. In case of no adequate explanation or no corrective measures, the proper officer may initiate audit/inspection.
In case where the return is not furnished even after service of notice under section 46, the proper officer will evaluate the tax liability within a period of 5 years from the date mentioned under section 44 for furnishing annual return.
The proper officer, to the best of his judgement, shall issue an assessment order within a 5 year period from the date mentioned under section 44 for furnishing of the annual return.
The proper officer can issue an assessment order imposing the liability of tax on a person based on any evidence showing tax liability.
ACTION BY TAXPAYER
PENALTY AMOUNT PAYABLE
Tax amount with interest paid before notice is issued
No penalty and no notice
15% tax amount payable as penalty
Tax amount with interest paid within 30 days of notice issuance
All proceedings deemed to be concluded
25% tax amount payable as penalty.
Tax amount with interest paid within 30 days of order communication
10% tax amount or 10k rupees, whichever is higher
50% tax amount payable as penalty.
Tax amount with interest paid after 30 days of order communication
100% tax amount
Assessments under GST have been initiated by the GST department therefore, the assessee should understand the assessment nature and should be ready to provide response. The Assessee is advised to maintain proper documents of all aspects and be prepared for scrutiny from the department.
Read our article:PIL filed for Constitution of GST Appellate Tribunal
Ashish M. Shaji has done his graduation in law (BA. LLB) from CCS University. He has keen interests in doing extensive research and writing on legal subjects especially on corporate law. He is a creative thinker and has a great interest in exploring legal subjects.
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