Assessment under GST– Understand with 9 Questions Answered. This article explains Provisional Assessment according to Goods & Service Tax Act2017 Deep analysis for How is the evaluation, What is Self-Assessment and provisional evaluation?, Time limitation for passing final assessment order etc. Here you might also check GST Applicability date, Impact of GST, Updates related to Assessment under GST Regime. Lets comprehend what is the Assessment under GST, Applicability of GST in GST Regime, GST rates, its effect on your business and newest updates about GST Act2017 Now examine more information for Assessment under GST Regime based on CGST Act 2017 …
Assessment means identifying tax liability under this CGST Act, 2017 and consists of the following kind of assessments:
- Self Assessment
- Summary Assessment
- Provisional Assessment
- Scrutiny of Returns
- Assessment of Non Filers
- Assessment of Unregistered Persons
Every signed up individual is required to self-assess the taxes payable under this Act and provide a return for each tax duration.
A provisional evaluation is done when the taxable person is unable to figure out the worth of items or services or both or determine the rate of tax applicable thereto, and demand the correct officer in writing providing factors for payment of tax on a provisionary basis and the correct officer will pass an order, within a duration not behind 90 days from the date of receipt of such demand, enabling payment of tax on provisional basis at such rate or on such value as might be specified by him.
Summary Assessment is done if an officer thinks that any delay in assessment can adversely impact the interest of the income.
Provisional Assessment under GST
Q1. How is the assessment made if the taxable individual is unable to determine the worth of goods and/or services or identify the rate of tax?
Ans. Where the taxable individual is not able to figure out the worth of goods or services or both or determine the rate of tax suitable thereto, he might ask for the correct officer in composing giving reasons for payment of tax on a provisionary basis and the correct officer will pass an order, within a period not later than ninety days from the date of receipt of such request, permitting payment of tax on provisional basis at such rate or on such worth as may be specified by him.
Q2. Whether Self-Assessment and provisional assessment are equally unique?
Ans. Yes, if the taxable person opts for self-assessment, he can not go with provisionary evaluation for the exact same duration for exact same supply. Nevertheless, he can go with provisionary evaluation if he is unable to determine taxable worth/ tax liability/ (rate of tax) for any subsequent periods.
Q3. Whether correct officer can decline the application to provisional evaluation submitted by taxable individual?
Ans. Yes. The provisions connecting to provisional evaluations offers discretionary powers on the correct officer to pass an order permitting the taxable person to remit tax on provisional basis.
Q4. What conditions needs to be pleased by a taxable person for evaluation of taxes on provisionary basis?
Ans. The appropriate officer may allow for payment of tax on provisionary basis topic to execution of bond in prescribed type in addition to surety/ security as the proper officer might consider healthy binding the taxable person for differential tax if any.
Q5. What is the time limitation for passing last evaluation order in case of provisional assessment?
Ans. The correct officer shall, within a duration of 6 months from the date of interaction of the provisionary assessment order, pass the final evaluation order after taking into consideration such information as might be required for completing the assessment. The time limitation of six months can be additional extended on adequate cause being shown and for reasons to be taped in composing in the following way:
- a) by the Joint/ Additional Commissioner for a more period of 6 months;-LRB-
- ( b) by the Commissioner for such additional duration not going beyond four years.
Q6. What are the repercussions on conclusion of provisionary assessment by way of passing last evaluation order in so far as brief/ excess remittance of tax is worried?
Ans. The consequences on concluding the provisional assessment by way of passing final evaluation order would be as follows:
- ( a) Additional tax liability: In case of short remittance of taxes in terms of final evaluation order, the extra tax liability, if any must be remitted in addition to interest at the rate prescribed under Section 50( 1) for hold-up in remittance of taxes viz., due date of remittance as prescribed under Section 39( 7) till the date of actual payment;-LRB-
- ( b) Excess remittance of tax on provisionary basis: In case of excess remittance of taxes in regards to last evaluation order, the registered individual is entitled to refund of such excess remittance in the manner as offered in Section 54( 8) in addition to interest as offered under Section 56.
Summary evaluation in specific diplomatic immunities
Q7. Whether proper officer can proceed Suo-moto in assessing the tax liability of an anybody on belongings of pertinent proof?
Ans. No, the proper officer has to get previous authorization of Additional/Joint Commissioner to continue to examine the tax liability.
Q8. Whether the summary assessment can be initiated based on simple change in viewpoint of appropriate officer?
Ans. No, mere modification in viewpoint can not be dealt with as proof for initiation of summary assessment.
Q9. Whether summary evaluation can only be initiated on formerly submitted return (u/s 34 and u/s 40)?
Ans. Summary assessment can be initiated on any taxable person. Submission of return u/s 39 and u/s 45 is not requirement.
Q10 What is the remedy offered to the taxable individual if the order passed u/s 64 is erroneous?
Ans. On an application made within thirty days by taxable person from the date of invoice of order passed summary assessment order the Additional/Joint Commissioner might withdraw such order and follow the procedure put down in Section 73 or 74 which offers determination of tax liability on account of tax not paid besides scams, wilful mis-statement etc., or otherwise respectively.
Q11 Whether the Additional/ Joint Commissioner can withdraw the summary evaluation order just on application by the taxable individual?
Ans. The Additional/ Joint Commissioner can, by themselves movement also withdraw the summary evaluation order in case such order is incorrect and afterwards might follow the treatment laid down in Section 73 or 74 which provides for determination of tax liability on account of tax not paid other than scams, wilful mis-statement etc., or otherwise respectively
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