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    Indirect Taxation

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    harshiniag2004
    The document discusses assessment and audit under the GST regime. It defines assessment and the different types of assessments like self-assessment, provisional assessment, summary assessment, etc. It also explains the different types of audits under GST like audit when turnover exceeds a limit, audit by tax authorities, and special audit.

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    Indirect Taxation

    Uploaded by

    harshiniag2004
    13 views16 pages
    The document discusses assessment and audit under the GST regime. It defines assessment and the different types of assessments like self-assessment, provisional assessment, summary assessment, etc. It also explains the different types of audits under GST like audit when turnover exceeds a limit, audit by tax authorities, and special audit.

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    The document discusses assessment and audit under the GST regime. It defines assessment and the different types of assessments like self-assessment, provisional assessment, summary assessment, etc. It also explains the different types of audits under GST like audit when turnover exceeds a limit, audit by tax authorities, and special audit.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    13 views16 pages

    Indirect Taxation

    Uploaded by

    harshiniag2004
    The document discusses assessment and audit under the GST regime. It defines assessment and the different types of assessments like self-assessment, provisional assessment, summary assessment, etc. It also explains the different types of audits under GST like audit when turnover exceeds a limit, audit by tax authorities, and special audit.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 16

    ASSESSMENT

    The term "assessment "means a


    determination of tax liability. under the
    GST regime, a supplier is required to
    discharge his tax liability on a continuous
    and regular basis. He will come to know
    this tax liability only after the assessment
    AS PER SECTION 2(11) OF CGST ACT

    ASSESSMENT MEANS
    DETERMINATION OF TAX LIABILITY
    UNDER THIS ACT AND INCLUDES
    SELF-ASSESSMENT, RE-ASSESSMENT,
    PROVISIONAL ASSESSMENT,
    SUMMARY ASSESSMENT AND BEST
    JUDGMENT ASSESSMENT.
    SELF-ASSESSMENT

    EVERY REGISTERED
    TAXABLE PERSON SHALL
    HIMSELF ASSESS THE TAXES
    PAYABLE AND FURNISH A
    RETURN FOR EACH TAX
    PERIOD. THIS MEANS GST
    CONTINUES TO PROMOTE
    SELF-ASSESSMENT JUST LIKE
    THE EXCISE, VAT, AND
    SERVICE TAX UNDER
    CURRENT TAX REGIME.
    PROVISIONAL ASSESSMENT [SECTION 60]

    provisional assessment provides a method for


    determining the tax liability in case the
    correct tax liability cannot be determined at
    time of supply . the following are the related
    provision as given in section 60 read with
    rules 98 of CGST rules, 2017
    SCRUTINY OF RETURN
    The following are the provisions:
    1. scrutiny by proper officer: the proper officer may scrutinize the return and
    related particulars furnished by the registered person to verify the
    correctness of the return and inform him of the discrepancies notices, if
    any, in FORM GST ASMT-10 and seek his explanation there too, within a
    specified time, not exceeding 30 days.
    2. communication to the registered person: if the explanation is found
    acceptable, the registered person shall be informed accordingly in
    FORM GST ASMT-12 and no further action shall be taken.
    ASSESSMENT OF NON-FILERS OF RETURN

    the proper officer may proceed to assess the tax liability, where
    a registered person :
    (a) fails to furnish the return under section 39
    (monthly/quarterly) or under section 45 (final return), and
    (b) a notice under section 46 has been issued by the proper
    officer to the defaulting taxable person requiring him to furnish
    the return within a period of 15 days and taxable person fails to
    file return within the given time.
    SUMMARY ASSESSMENT
    Summary assessment is a procedure by which the
    court orders payment of the costs incurred by the
    'winning party' in relation to the
    application/hearing that has just been heard by the
    court. If the court considers that summary
    assessment is inappropriate it may order the costs
    to be dealt with at a detailed assessment.
    ASSETS
    AUDIT
    As per section 2((13) of CGST act, 2017,"Audit" means
    examination of records , returns and other documents
    maintained or furnished by the registered person under
    this act or the rules made there under or under any other
    law for the time being in force to verify the correctness of
    turnover declared, taxes paid, refund claimed and input
    tax credit availed, and to assess his compliance with the
    provisions of this act or the rules made thereunder .
    TYPES OF AUDIT
    Audit when turnover exceeds prescribed limit
    [ section 35(5)]
    Audit by tax authorities [section 65]
    Special audit [section 66]
    Audit when turnover exceeds prescribed limit [ section 35(5)]

    If the annual turnover of a registered taxpayer is more than


    Rs.2 crore^ in a financial year , he is required to get his
    accounts audited by a Chartered Accountant or Cost
    Accountant every year. A financial year covers the 12-
    month period beginning from April of a calendar year to
    March of the next calendar year.
    Audit by tax authorities [section 65]
    Section 65 of the CGST Act empowers the commissioner to
    undertake an audit of any registered person by issuing a
    notice in Form GST ADT-01 to such a registered person.
    The notice shall be issued within 15 working days prior to
    the conduct of the audit. The commissioner can also
    authorize any officer to conduct the audit.
    Special audit
    he Assistant Commissioner may initiate the special audit,
    considering the nature and complexity of the case and
    interest of revenue.
    If he is of the opinion during any stage of scrutiny/
    inquiry/investigation that the value has not been correctly
    declared or the wrong credit has been availed then a special
    audit can be initiated.
    A special audit can be conducted even if the taxpayer’s
    books have already been audited before.
    HARSHINI A G
    ROLL NO: 26
    TOPIC: ASSESSMENT AND AUDIT
    SUBJECT: INDIRECT TAXATION

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