Received Notice or Order from GST Department ? Try to find out what it is….

INTRODUCTION

Assessment means determination of tax liability. There are several types of assessments in the GST regime i.e., self-assessment, provisional assessment, summary assessment and best judgment assessment. Under GST, an assessee is first required to self- assess his taxliability and furnish returns for declaring the taxable turnover, tax payable or refundable, input tax credit availed etc. (i.e., self-assessment). At this stage, there is no intervention by the tax officials.Since the tax regime relies on self-assessment, there is a need to put in place a robust 'audit' mechanism in order to measure and ensure proper compliances of the provisions of law by the taxable person.

SECTION 59 TO 64: DIFFERENT TYPES OF ASSESSMENT UNDER

SECTION 65 TO 66: AUDITS UNDER GST

SECTION 73 & SECTION 74: DETERMINATION OF TAX NOT PAID/ SHORT PAID / ERRONEOUSLY REFUNDED/ ITC WRONGLY AVAILED/ UTILISED

*Interest shall be applicable as per section 50 at rate of 18%/24% respectively.

TIMELIMIT FOR ISSUANCE OF NOTICE AND ORDER

CONCLUSION:

Assessments have been initiated by the GST department for the previous years. It is thus required for the assessee to understand the nature of assessment and be prepared for responses. As a proactive measure, an Assessee shall maintain proper documentation of all required records, sales reco, ITC reco and be prepared for scrutiny from department.Authors:CA Shreyans Dedhia | Partner | shreyans.dedhia@masd.co.inMeet Faria |Associate Consultant | meet.faria@masd.co.in