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TAX Filing Assignment
TAX Filing Assignment
TAX Filing Assignment
STUDIES
SUBMITTED BY:
SHUBHANSHU YADAV
5000054880
R129216089
What does Assessment under GST mean?
Assessment means determination of tax liability under GST law. Below are the various types of
assessment under GST.
Self-assessment
Provisional assessment
Scrutiny assessment
Summary assessment
Only self-assessment is done by the taxpayer himself. All the other assessments are by tax
authorities.
Self-Assessment
Every registered taxable person shall himself assess the taxes payable and furnish a return for each
tax period. This means GST continues to promote self-assessment just like the Excise, VAT and
Service Tax under current tax regime.
Provisional Assessment
An assessee can request the officer for provisional assessment if he is unable to determine value or
rate.
The proper officer can allow paying tax on provisional basis at a rate or on a value specified
by him.
The taxable person has to issue a bond with a security promising to pay the difference
between provisionally assessed tax and final assessed tax.
Provisional assessments will be followed by final assessments. The proper officer can ask
for information before final assessment.
The final assessment will be done within 6 months of the provisional assessment. This can be
extended for 6 months by the Joint/Additional Commissioner. However, the Commissioner can
extend it for further 4 years as he seems fit.
The tax payer will have to pay interest on any tax payable under provisional assessment which was
not paid within the due date. Interest period will be calculated from the day when tax was first due
on the goods/services (and not the date of provisional assessment) till the actual payment date,
irrespective of payment being before or after final assessment. Rate of interest will be maximum
18%.
If the tax as per final assessment is less than provisional assessment then the taxable person will get
a refund. He will also get interest on refund.
Scrutiny of Returns
The proper officer can scrutinize the return to verify its correctness. It is a non-c
If the officer finds the explanation satisfactory then the taxable person will be informed and no
further action will be taken.
If the taxable person does not give a satisfactory explanation within 30 days Or
He does not rectify the discrepancies within a reasonable time (not yet prescribed)
Similar provisions regarding scrutiny are existing in current excise, VAT and service tax laws.
Thus, most of the assessment provisions under GST are similar to the current indirect tax system.
Please click here to read about best judgement assessment, scrutiny of returns, summary
assessment.