Introduction
Assessment Under GST
| Sec NO | Sec 59 | Sec 60 | Sec 61 | Sec 62 | Sec 63 | Sec 64 |
|---|---|---|---|---|---|---|
| Type | Self Assessment | Provisional Assessment | Scrutiny Assessment | Best Judgement Assessment | Summary Assessment | |
| Assessed by | Registered person | Proper officer | Proper officer | Proper officer | Proper officer | Proper officer |
| Situation (When) |
Every Registered Person has to assess the Tax and furnish the return | When Register person is unable to i. Determine the value of goods or service or goods or both or/& ii. Determine the Tax Rate |
To verify Correctness of return | A Registered Person Fails to Furnish Return | A person label to get Register still not registered or Whose Registration has been canceled |
To protect the Interest of the Revenue officer has evidence that the taxable person has incurred the liability AND has sufficient grounds to believe that delay in passing a assessment order may adverse effect the interest of revenue |
| Time Limit | Refer Return Chapter | With in 90 days from the receipt of such request by resisted person | N/A | With in 5 Years from due date of filing of annual return to which tax not paid relates | N/A | |
| opportunity of being heard | NO | NO | Yes | Notice GSTR 3A | YES | NO |
| Whether Proper Officer Needs Permission | NO | NO | NO | NO | NO | Yes (from commissioner) |
| OUTCOME | N/A | Interest to be payable for the different in Provisional and final order @ 18% pa. Refer Note 1 for More If any excess paid in PAO refund with interest 18% from 61th day From FAO |
When assessee fails to reply with in 30 days from notice the PO may initiate Departmental Audit u/s 65 or Specific Audit u/s 66 or Inspection u/s 67 or Demand and recovery u/s 74,74A & 73 |
Interest to be paid form due date of filing to date of filling Normal interest + if return of not filed with in 60 Days from date of order u/s 62 100 per day (additional interest) Refer Note 2 |
Pay as per Assessment order or Go for appeal |
Pay as per assessment Order or if order is erroneous - Taxable person may request the PO to follow the procedure u/s 73,74 & 74A (Demand and recovery) With in 30 days from receipt of order or The PO may withdraw such order aan follow the procedure u/s 73,74 & 74A |
| Withdrawal of Order | N/A | NO | NO | YES | NO | Yes |
Note 1 :- Procedure for Provisional Registration
| Form | Procedure | |
|---|---|---|
| Form GST ASMT - 01 | Application for Provisional Assessment | |
| Form GST ASMT - 02 | Notice for Intimation or Documents | |
| Form GST ASMT - 03 | Reply to Notice | |
| Form GST ASMT - 04 | Provisional Assessment order with in 90 days from ASMT 01 | |
| Form GST ASMT - 05 | Bond to be executed between Assessee and IT | |
| Form GST ASMT - 06 | Notice for Final Assessment | |
| Form GST ASMT - 07 | Final Assessment Order with in 6M from PAO + 6M by Additional/ joint commissioner + 4 Years by commissioner (may take 6m to 5 Years) |
|
| Form GST ASMT - 08 | Application for release of Bond | |
| Form GST ASMT - 09 | Order for Release of Bons |
Illustration on computation of interest involved in Provisional Registration
| Particulars | Sec 50 | Sec 60 |
|---|---|---|
| Amount | 4,00,000 | 2,00,000 |
| Rate | 18% | 18% |
| No of Days | From 21/09/20XX to 26/10/20XX 36 Days |
From 21/09/20XX to 20/01/20XX 122 Days |
| Interest Computation | 4,00,000 X 18 X 36/365 = RS 7,101 |
2,00,000 X 18% X 122/365 = RS 12,033 |
Note 2 :- Calculation of late fee for filing return after Best Judgement Order
Audit Under GST
| Particulars | Departmental Audit | Special Audit |
|---|---|---|
| Section | 65 | 66 |
| Applicability | Based on Turnover (Not Notified) |
During the inquiry/ investigation, it os to found that i. value nor correctly declared or ii. ITC availed incorrectly |
| Time Limit | With in 3M by PAO + 6M by commissioner from Date of commencement of Audit | With in 90 Days (additional 90 Days by approval form AC/DC) form date of commencement audit |
| Submission for audit report | To Register person & commissioner With in 30 days of completion of audit |
To AC/DC |
| Expenses of audit born by | GST Department | GST Department |
| Scope | All Books of Accounts | i. value of taxable supplies made & ii. ITC availed and utilized during the period of Audit |
Other Provisions
Sec 85 liability in case of transfer of business
Dues Before transfer:-
Both transferor and transferee are jointly and severally liable
Dues After Transfer :- Only Transferee is liable
Sec 86 Liability if Agent and Principle
Both Agent and Principle are jointly and severally liable only when agent made supply or received on behalf of principal
Sec 87 Liability in case of Amalgamation/ Merger
Due Before Date of Amalgamation - Past company is liable
Dues after the Date of amalgamation - New company is liable
Sec 89 Liability of Directors
Private Company - Directors are Joint and severally label
Public Company - Directors are not Joint and severally label
As per Sec 90 Partners of a firm are joint and severally liable . If any Partner is retired same to be communicated to commissioner with in 30 days form date of retirement
In case of death of the partner the legal representative will still be liable upto the extent of Estate received from Deceased partner
Sec 91 Liability of Guardians and trustee
Guardians or trustee of Minor are liable for the dues of Minor