Provisional Assessment section 60

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.... supplies. * The registered person need to be execute a bond and security to be furnished not exceeding twenty five per cent. of the amount covered under the bond. * The proper officer has to pass an order within a period not later than 90 days. Time limit for finalization of provisional assessment [As per section 60(3)] * Final assessment has to be finalized within a period of Six months * Extention Of Time limit:- As per Section 60(3) This period of six months may be extended by the Additional/Joint Commissioner if sufficient causes are shown that the order cannot be finalized in six month; such extension will be for a period not exceeding six months. * Further Extension :- The Commissioner may extend this period (after the fir....

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....nal assessment. The claim for refund (if it is not a zero rated supply) will have to pass the test of unjust enrichment. * Interest on refund :- If the refund is not given within 60 days from the date of receipt of refund claim, interest not exceeding 6% shall be paid on such refund as provided in section 56. * Release of security [Rule 98 (6) & (7)] * The applicant may file an application in FORM GST ASMT- 08 for the release of the security furnished under sub-rule (4) after issue of the order under sub-rule (5). * The proper officer shall release the security furnished under sub-rule (4), after ensuring that the applicant has paid the amount specified in sub-rule (5) and issue an order in FORM GST ASMT-09 within a period of se....