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of <h1>Provisional Assessment Under Section 60 of CGST Act Allows Taxpayers to Manage Uncertain Tax Liabilities with Specific Procedures</h1> Under Section 60 of the CGST Act, 2017, provisional assessment allows taxpayers unable to determine tax liability due to uncertain supply value or tax rate to make provisional tax payments. The process requires an application to the proper officer, execution of a bond, and furnishing security up to 25% of the bond amount. Final assessment must be completed within six months, extendable up to five years. If the final tax liability exceeds the provisional, interest at 18% is payable. Conversely, if lower, a refund application is necessary. The procedure involves specific forms and timelines for application, assessment, and security release.
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