Assessment and Audit

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.... This is governed by section 60 of CGST/SGST Act. Tax can be paid on a provisional basis only after the proper officer has permitted it through an order passed by him. For this purpose, the taxable person has to make a written request to the proper officer, giving reasons for payment of tax on a provisional basis. Such a request can be made by the taxable person only in such cases where he is unable to determine: a) the value of goods or services to be supplied by him, or b) determine the tax rate applicable to the goods or services to be supplied by him. In such cases the taxable person has to execute a bond in the prescribed form, and with such surety or security as the proper officer may deem fit. Q 3. What is the latest time by ....

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....Act; (b) Direct the conduct of a special audit under Section 66 which is to be conducted by a Chartered Accountant or a Cost Accountant nominated for this purpose by the Commissioner; or (c) Undertake procedures of inspection, search and seizure under Section 67 of the Act; or (d) Initiate proceeding for determination of tax and other dues under Section 73 or 74 of the Act. Q 6. If a taxable person fails to file the return required under law (under section 39 (monthly/quarterly), or 45 (final return), what legal recourse is available to the tax officer? Ans. The proper officer has to first issue a notice to the defaulting taxable person under section 46 of CGST/SGST Act requiring him to furnish the return within a period of fiftee....

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....itiate Summary Assessment? Ans. As per section 64 of CGST/SGST Act, Summary Assessments can be initiated to protect the interest of revenue when: a) the proper officer has evidence that a taxable person has incurred a liability to pay tax under the Act, and b) the proper officer believes that delay in passing an assessment order will adversely affect the interest of revenue. Such order can be passed after seeking permission from the Additional Commissioner / Joint Commissioner. Q 11. Other than appellate remedy, is there any other recourse available to the taxpayer against a summary assessment order? Ans. A taxable person against whom a summary assessment order has been passed can apply for its withdrawal to the jurisdictional A....

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....t) (c) Special Audit: If at any stage of scrutiny, inquiry, investigations or any other proceedings, if department is of the opinion that the value has not been correctly declared or credit availed is not with in the normal limits, department may order special audit by chartered accountant or cost accountant, nominated by department. (Section 66 of the CGST/SGST Act) Q 14. Whether any prior intimation is required before conducting the audit? Ans. Yes, prior intimation is required and the taxable person should be informed at least 15 working days prior to conduct of audit. Q 15. What is the period within which the audit is to be completed? Ans. The audit is required to be completed within 3 months from the date of commencement of a....