https://www.taxtmi.com/article/detailed?id=1140 Assessment is return based: accepted returns with prescribed proofs lead to assessment orders; absent or defective returns permit assessment to the best of the authority's judgment after enquiry and reasonable opportunity. Reassessment on submission of correct returns within the short statutory period is permitted subject to proof of payment and may result in refund or further collection without interest. The authority may scrutinise selected assessments, impose penalties only after hearing, and apply extended limitation and penalty rules for low price reporting, escaped turnover, wrong input tax credit, compounding defaults and price variation adjustments. en-us Thu, 17 Feb 2011 23:43:47 +0530 Thu, 17 Feb 2011 23:43:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1140 Assessment is return based: accepted returns with prescribed proofs lead to assessment orders; absent or defective returns permit assessment to the best of the authority's judgment after enquiry and reasonable opportunity. Reassessment on submission of correct returns within the short statutory period is permitted subject to proof of payment and may result in refund or further collection without interest. The authority may scrutinise selected assessments, impose penalties only after hearing, and apply extended limitation and penalty rules for low price reporting, escaped turnover, wrong input tax credit, compounding defaults and price variation adjustments. Articles Value Added Tax - VAT and CST Thu, 17 Feb 2011 23:43:47 +0530 https://www.taxtmi.com/article/detailed?id=1140