ASSESSMENT & PROVISIONAL ASSESSMENT UNDER GOODS AND SERVICES TAX (GST) ACT, 2017

• Assessment means determination of tax liability and includes self-assessment, reassessment, provisional assessment, summary assessment and best judgment assessment.
• Self-Assessment. Every registered person shall self-assess the GST payable, pay the same and file requisite return. This is called self-assessment.
• Provisional assessment can be resorted to if taxable person is unable to determine the value of goods or services or both or is unable to determine the rate of tax applicable.
• The procedure of Provisional assessment is that an application in writing in FORM GST ASMT 01, has to be filed by assessee with requisite documents. An order on this application has to be passed by Assistant/Deputy Commissioner, Central Tax within ninety days.
• Bond and Security in the form of Bank Guarantee which will be valid across all GST laws, will have to be furnished which will be returned after finalization of assessment and payment of dues if any. Provisional assessment will have to be finalized by the Assistant/Deputy Commissioner within six months which can be extended by senior officers.
• Scrutiny of return will be carried out by department, if the returns is selected for such scrutiny. In case of any discrepancy, due process of law for demand/recovery would be initiated.
• Best judgment assessment will be resorted to where a registered person fails to furnish the return even after the service of a notice. This assessment can also be done for an unregistered person, if he is found to be liable for GST.
• Summary assessment in certain special cases can also be resorted to by the proper officer in the interest of Revenue on any evidence showing a tax liability of a person.