Section 60 – Provisional assessment of CGST ACT, 2017<\/p>\n
60. (1) Subject to the provisions of sub-section (2), where the taxable person is unable
\nto determine the value of goods or services or both or determine the rate of tax applicable
\nthereto, he may request the proper officer in writing giving reasons for payment of tax on a
\nprovisional basis and the proper officer shall pass an order, within a period not later than
\nninety days from the date of receipt of such request, allowing payment of tax on provisional
\nbasis at such rate or on such value as may be specified by him.
\n(2) The payment of tax on provisional basis may be allowed, if the taxable person
\nexecutes a bond in such form as may be prescribed, and with such surety or security as the
\nproper officer may deem fit, binding the taxable person for payment of the difference between
\nthe amount of tax as may be finally assessed and the amount of tax provisionally assessed.
\n(3) The proper officer shall, within a period not exceeding six months from the date of
\nthe communication of the order issued under sub-section (1), pass the final assessment
\norder after taking into account such information as may be required for finalizing the
\nassessment:
\nProvided that the period specified in this sub-section may, on sufficient cause being
\nshown and for reasons to be recorded in writing, be extended by the Joint Commissioner or
\nAdditional Commissioner for a further period not exceeding six months and by the
\nCommissioner for such further period not exceeding four years.
\n(4) The registered person shall be liable to pay interest on any tax payable on the
\nsupply of goods or services or both under provisional assessment but not paid on the due
\ndate specified under sub-section (7) of section 39 or the rules made thereunder, at the rate
\nspecified under sub-section (1) of section 50, from the first day after the due date of payment
\nof tax in respect of the said supply of goods or services or both till the date of actualpayment, whether such amount is paid before or after the issuance of order for final
\nassessment.
\n(5) Where the registered person is entitled to a refund consequent to the order of final
\nassessment under sub-section (3), subject to the provisions of sub-section (8) of section 54,
\ninterest shall be paid on such refund as provided in section 56.<\/p>\n","protected":false},"excerpt":{"rendered":"
Section 60 – Provisional assessment of CGST ACT, 2017 60. (1) Subject to the provisions of sub-section (2), where the taxable person is unable to determine the value of goods or services or both or determine the rate of tax applicable thereto, he may request the proper officer in writing giving reasons for payment of … Continue reading “Section 60 – Provisional assessment of CGST ACT, 2017”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"_links":{"self":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts\/246"}],"collection":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/comments?post=246"}],"version-history":[{"count":1,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts\/246\/revisions"}],"predecessor-version":[{"id":247,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts\/246\/revisions\/247"}],"wp:attachment":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/media?parent=246"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/categories?post=246"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/tags?post=246"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}