Standardised PPT on GST Indirect Taxes Committee The Institute of Chartered Accountants of India

Disclaimer and Copy right This presentation has been prepared to provide a standard ‘user presentation’. The views expressed in this presentation are those of Speaker(s). The Institute of Chartered Accountants of India may not necessarily subscribe to the views expressed by the speaker(s). The information cited in this presentation has been drawn from various sources. While every efforts have been made to keep the information cited in this presentation error free, the Institute or any office do not take the responsibility for any typographical or clerical error which may have crept in while compiling the information provided in this presentation. Further, the information provided in this presentation are subject to the provisions contained under different acts and members are advised to refer to those relevant provision also. For clarifications write to us at idtc@icai.in © The Institute of Chartered Accountants of India This standardised PPT may be used by any person with due acknowledgement to the Indirect Taxes Committee of ICAI. © Indirect Taxes Committee, ICAI

Assessments © Indirect Taxes Committee, ICAI

Assessment : Meaning and Types Assessment means determination of tax liability Types of Assessment: Assessment Self Assessment S. 59 Scrutiny of Returns S. 61 Assessment of unregistered persons S. 63 Provisional Assessment S. 60 Assessment of non-filers of returns S. 62 Summary assessment in certain special cases S. 64 © Indirect Taxes Committee, ICAI

Self Assessment – Sec 59 Every Registered taxable person; Himself assesses the tax payable; Furnish the return for each tax period. © Indirect Taxes Committee, ICAI

Provisional Assessment – Sec 60 Ambiguity in Value and rate of tax; Execution of security bond as may be prescribed; Officer may permit to pay tax provisional basis within 90 days of receipt of request; Final assessment to take place within six months; further extendable by 6months or 4 years as the case may be; The balance payable or refund due to be settled. © Indirect Taxes Committee, ICAI

Scrutiny of Returns – Sec 61 Scrutinize the return to verify the correctness; Discrepancy noticed to be intimated; On submission of acceptable explanation within 30 days: No further action required; Unsatisfactory explanation within 30 days: Appropriate action will be initiated. © Indirect Taxes Committee, ICAI

Best Judgement Assessment – Sec 62 Also called Assessment for Non-filers of Returns; Registered taxable person: fails to file returns and fails to respond to notice Assessed by Proper Officer based on the information available to the best of his judgment within 5 years from due date of annual return; On filing of return within 30 days on receipt of assessment order: Best Judgment order deemed to be withdrawn; interest and late fees payable as applicable © Indirect Taxes Committee, ICAI

Assessment of Unregistered Person – Sec 63 Taxable person fails to take registration; Assess to the best of his judgment; Serving of show cause notice and opportunity of personal hearing; The assessment to be made with in 5 years from the due date for filing annual return. © Indirect Taxes Committee, ICAI

Summary Assessment – Sec 64 Having evidence and delay may adversely effect the revenue; In the interest of revenue and with due permission; Application filed or on his own motion Addl. / Joint Commissioner; If the order is erroneous; Addl./Joint Commissioner may withdraw such order. © Indirect Taxes Committee, ICAI

Thank You For any Clarification, Please Contact Indirect Taxes Committee of ICAI Email: idtc@icai.in, Website: www.idtc.icai.org © Indirect Taxes Committee, ICAI