Section 59 CGST ACT (Bare ACT)
Every registered person shall self-assess the taxes payable under this Act and furnish a return for each tax period as specified under section 39.
Relevant section for section 59 of cgst:
|Important Sections/ Rules |
relevant for section 59
|Section 2(94)||Definition of Registered Person|
|Section 2(97)||Definition of Return|
|Section 2(11)||Definition of Assessment|
|Section 39||Furnishing of Return|
|Chapter VIII of the CGST Rules, |
Analysis of Section 59
Self-assessment means an assessment by the registered person himself and not an assessment conducted or carried out by the Proper Officer. The GST regime continues to promote the scheme of self-assessment. Hence, every registered person would be required to assess his tax dues in accordance with the provisions of GST Act and report the basis of calculation of tax dues to the tax administrators, by filing periodic tax returns.The provisions of the law permit a registered person to rectify any incorrect particulars furnished in the returns. In terms of Section 39(9), if a registered person discovers any omission or incorrect particulars furnished in a return, he is required to rectify such omission or incorrect particulars in the return to be furnished for the tax period during which such omission or incorrect particulars are noticed (on payment of due interest), unless the same is as a result of scrutiny, audit, inspection or enforcement activity by the tax authorities, or such rectification is time barred(i.e., after the due date for furnishing of return for the month of September or second quarter following the end of the financial year, or the actual date of furnishing of relevant annual return, whichever is earlier).