Assessment under GST

Assessment mean determination GST tax liability under GST Act,2017. There are various type of assessment.

1.Provisional assessment

2.Self- assessment

3.Scrutiny assessment

4.Best judgement assessment

5.Summary assessment

6.   assessment-of-non-filers-of-returns/

7.Assessment of unregistered persons

 Provisional Assessment

Provisional assessment is done by proper officer on the taxpayer  request in writing when such taxpayer is unable to determine value or rate of goods or services. The proper oficer can allow paying tax on provisional basis at a rate or on a value speficied by him. Provisional assessment order will be passed within 90 days from date of request. Taxpayer has issue a bound with a security promising to pay the difference between provisionally assessed tax and final assessment tax.

Time Limit for Final Assessment

The final assessmentwill be done by proper officer within 6 months of the provisional assessment. This cab be extended for 6 months by the Joint/Additionl commissioner.

Interest on additional tax paybale and Refunds

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/service till the actual payment date,irrespective of payment being or after final assessment.

Interest rate maximum rate will be 18%

Interest rate maximum  incase of refund 6%

Self Assessment

Self assessment mean  tax assessment done  by taxpayer  himself and file gst return for each period. Self Assessment is done by taxpayer in various  tax laws and it is first stage of assessment.

https://services.gst.gov.in/services/login