Goods and Service Tax or GST will solidify all indirect taxes under one umbrella and help Indian organizations turn out to be internationally focused.To encourage simple estimation and payment of taxes, GST has arrangements for evaluations, for example, self-assessment.GST Assessment means determination of tax liability under GST law.
Under GST regime, each and every invoice shall be uploaded on GSTN portal to generate reference no. before making supply.
There are 3 monthly returns which are required to be filed on the basis of invoices uploaded. (GSTR 1, 2 & 3)
There is one annual return as well which is also required to be filed with FORM GST REG-09
Every person registered under the Act shall be responsible to make assessment of taxes which will be payable by him for a particular tax period and after such assessment he shall file the return required under section 39.
Yes, the respective person will be liable to pay interest from the date the tax was due to be paid originally till the date of actual payment.
Based on the findings/observations of the special audit, action can be initiated under Section 73 or Section 74 of the CGST/SGST Act.
In case the taxable person furnishes a valid return for the default period (i.e. files the return and pays the tax as assessed by him), within the period of thirty days of the receipt of the best judgment assessment order. The best judgment will be order passed by the Proper Officer under section 62 of CGST/SGST Act shall automatically stand withdrawn
Five years are required for passing an assessment order under section 62 or 63. It is the time period from the due date for furnishing the annual return.
No. In certain cases, like when goods are under transportation or are stored in a warehouse, and the taxable person in respect of such goods cannot be ascertained, the person in charge of such goods shall be deemed to be the taxable person and will be assessed to tax (proviso to Section 64 of CGST/SGST Act).
The audit should be completed within 3 months from the date of commencement of audit.