Section 60 of CGST ACT, 2017 Provisional Assessment

Provisional Assessment in GST

Key Points:

 
Important Forms/rulesRecent updates:


When taxable person unable to determine VALUE and/or RATE , he may choose provisional assessment. 

Bond also require to file during submission of form GST ASMT-01 in
FORM GST ASMT-05

Time limits:
Passing of order on submission of bond- 90 days in  FORM GST ASMT-04

Within 6 months of above order pass the final order with the (period may be further extend upto 4 years) in FORM GST ASMT-06

Security Deposit shall be refund within 7 working days in
FORM GST ASMT-09 from the date of furnishing request in form GST ASMT-09
RULE 98 OF CGST RULES

IMPORTANT FORMS:

GST ASMT-01
GST ASMT-02
GST ASMT–03

GST ASMT-04
GST ASMT-05
GST ASMT-06
GST ASMT-07
GST ASMT- 08

GST ASMT–09

Here you will find recent updates on this section
ImportantSection or Rule Description
Section 2(11)
Section 39
Section 50
Section 54
Section 56 

Definition of assessment
Furnishing of returns
Interest on delayed payment of tax
Refund of Tax
Interest on delayed refunds

Section 60  Provisional Assessment

(1) Subject to the provision 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 tax on a provisional basis and the proper officer shall pass an order within a period not later than ninety days from the date of receipt of such request, 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, 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 not exceeding four years.

(4) The registered person shall be liable to pay interest on any tax payable on the supply of goods or services or both under provisional assessment but not paid on the due date specified under subsection (7) of section 39 or the rules made there under, at the rate specified under sub-Section (1) of Section 50, from the first day after the due date of payment of tax in respect of the said supply of goods or services or both till the date of actual payment, whether such amount is paid before or after the issuance of order for final assessment.

(5) Where the registered person is entitled to a refund consequent to the order of final assessment under sub-Section (3), subject to the provisions of sub-Section (8) of Section 54, interest shall be paid on such refund as provided in Section 56.