Taxpayers Must Self-Assess and Correct Errors Under Section 59 of CGST Act, 2017; Pay Additional Tax Promptly.

Section 59 of the CGST Act, 2017 requires every registered taxpayer to self-assess their tax liability and submit the necessary returns for each tax period. This self-assessment is conducted monthly, quarterly, or annually, based on the taxpayer's turnover. Taxpayers must voluntarily assess their liability, but they do not possess the authority of an assessing officer. Any errors or omissions found by the taxpayer must be corrected, and any additional tax, along with interest, must be paid by the earlier of November 30th following the financial year or the filing date of the Annual Return.