26th April 2017
Goods & service tax ( GST ) is said to be the most awaited indirect tax reform of
India since independence. It has been creating a buzz amongst all stakeholders, traders, businessman etc. that the long –delayed bill will be passed, which will pave the way for “one nation, one rate system “ in the country.
GST will consolidate all indirect taxes under one umbrella & help Indian Businesses become globally competitive.
To Facilitate easy calculation & payment of taxes , GST has provisions for assessments such as Self Assessment . The Introduction of Self – Assessment into the GST legislation will add to & enhance other improvements being made to simplify tax administration. The GST Self – Assessment provisions also achieve a better interface between the GST Act & the TAA.
Assessment means determination of tax liability under GST Law. A taxpayer who is required to provide a return under the GST Act for a taxable period must make an assessment of the tax payable for the period.
Every person registered under the act himself assess the tax payable him for a tax period also furnish the return for each tax period. It means GST continues to promote Self – assessment just like the Excise , VAT & Service tax under the current tax regime.
Every person whose aggregate exceeds Rs. 20L is required to get registered under the Act is a taxable person.
Self – Assessment will be done through filling of Return
Under this if the taxable person is unable to determine the value of goods/services or determine the rate of tax applicable thereto provisional assessment may be done at the request of that person or we can say that an assessee can request the officer for provisional assessment if he is unable to determine value or rate.
Best Judgment Assessment
Under this assessment, an assessing officer assesses based on his reasoning & using the information available. The assessment will be made without any having any bias.
Best Judgment Assessment will applicable under two situations :
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