Tuesday, 10 January 2017

Section-58. Provisional Assessment under Model GST Law

                      Section-58.                   Provisional Assessment under Model GST Law


(1) Where the taxable person is unable to determine the value of goods and/or
services or determine the rate of tax applicable thereto, he may request the
proper officer in writing giving reasons for payment of tax on a provisional basis
and the proper officer may pass an order allowing payment of tax on provisional
basis at such rate or on such value as may be specified by him.

(2) The payment of tax on provisional basis may be allowed, if the taxable person
executes a bond in such form as may be prescribed in this behalf, and with such
surety or security as the proper officer may deem fit, binding the taxable person
for payment of the difference between the amount of tax as may be finally
assessed and the amount of tax provisionally assessed.

(3) The proper officer shall, within a period not exceeding six months from the date
of the communication of the order issued under sub-section (1), pass the final
assessment order after taking into account such information as may be required
for finalizing the assessment:

PROVIDED that the period specified in this sub-section may, on sufficient cause
being shown and for reasons to be recorded in writing, be extended by the
Joint/Additional Commissioner for a further period not exceeding six months and by
the Commissioner for such further period as he may deem fit.

(4) The taxable person shall be liable to pay interest on any tax payable on the
supply under provisional assessment but not paid on the due date specified under
sub-section (7) of section 34 or the rules made thereunder at the rate specified
under sub-section (1) of section 45, from the first day after the due date of
payment of tax in respect of the said goods and/or services till the date of actual
payment, whether such amount is paid before or after the issue of order for final
assessment.

(5) Where the taxable person is entitled to a refund consequent to the order for final
assessment under sub-section (3), subject to sub-section (8) of section 48,

interest shall be paid on such refund as provided in section 50.

0 comments:

Post a comment