Whether any prior intimation is required before conducting the audit? – Question 17 – Draft-Bills-Reports – Assessment and Audit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 17 – Q
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Question 14 – Draft-Bills-Reports – Assessment and Audit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 14 – Q 14. 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 Additional/Joint Commissioner within thirty days of the date of receipt of the order. If the said officer finds the or
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Question 15 – Draft-Bills-Reports – Assessment and Audit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 15 – Q 15. Is summary assessment order to be necessarily passed against the taxable person? Ans. No. In certain cases like when goods are under transportation or are stored in a warehouse, and the taxable person in respect of such goods cannot be ascertained, the person in charge of such goods shall be deemed to be the taxable person and will be assessed to tax (section 48 o
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Question 12 – Draft-Bills-Reports – Assessment and Audit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 12 – Q 12. What is the legal recourse available in respect of a person who is liable to pay tax but has failed to obtain registration? Ans. Section 47 of MGL provides that in such a case, the proper officer can assess the tax liability and pass an order to his best judgment for the relevant tax periods. However, such an order must be passed within a period of five years from
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Question 13 – Draft-Bills-Reports – Assessment and Audit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 13 – Q 13. Under what circumstances can a tax officer initiate Summary Assessment? Ans. As per section 48 of MGL, 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 orde
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Question 10 – Draft-Bills-Reports – Assessment and Audit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 10 – Q 10. Under what circumstances can a best judgment assessment order issued under section 46 be withdrawn? Ans. The best judgment order passed by the Proper Officer under section 46 of MGL shall automatically stand withdrawn if the taxable person furnishes a valid return for the default period (i.e. files the return and pays the tax as assessed by him), within thirty day
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What is the time limit for passing order u/s 46 and 47? – Question 11 – Draft-Bills-Reports – Assessment and Audit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 11 – Q 11. What is t
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Question 7 – Draft-Bills-Reports – Assessment and Audit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 7 – Q 7. What recourse may be taken by the officer in case proper explanation is not furnished for the discrepancy detected in the return filed under section 45 of MGL? Ans. If the taxable person does not provide a satisfactory explanation within 30 days of being informed (extendable by the officer concerned) or does not take corrective action within a reasonable period after
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Question 8 – Draft-Bills-Reports – Assessment and Audit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 8 – Q 8. Whether Proper Officer is required to give any notice to taxable pers
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Question 9 – Draft-Bills-Reports – Assessment and Audit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 9 – Q 9. If a taxable person fails to file the return required under law (under section 27 or 31), 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 32 of MGL requiring him to furnish the return within a specified period of time, which has to be a minimum of fifteen days as p
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Question 6 – Draft-Bills-Reports – Assessment and Audit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 6 – Q 6. Where the tax liability as per the final assessment is higher than in
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Question 4 – Draft-Bills-Reports – Assessment and Audit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 4 – Q 4. When can a taxable person pay tax on a provisional basis? Ans. As a taxpayer has to pay tax on self-assessment basis, a request for paying tax on provisional basis has to come from the taxpayer which will then have to be permitted by the proper officer. In other words, no tax officer can suomoto order payment of tax on provisional basis. This is governed by section 4
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Question 5 – Draft-Bills-Reports – Assessment and Audit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 5 – Q 5. What is the latest time by which final assessment is required to be made? Ans. The final assessment order has to be passed by the proper officer within six months from the date of the communication of the order of provisional assessment. However, on sufficient cause being shown and for reasons to be recorded in writing, the above period of six months may be extended:
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Question 2 – Draft-Bills-Reports – Assessment and Audit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 2 – Q 2. Is there any provision in MGL for tax treatment of goods returned by the recipient? Ans. Yes, Explanation to Section 44 of MGL has such a provision. It provides that where goods received as an inward supply is returned by the recipient to the supplier within six months from the date of the relevant invoice, the tax payable on such supplies shall be equal to the input
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‘A’ supplied goods to ‘B’ in April 2017, these goods were returned by ‘B’ to ‘A’ on June 2017. The tax rate charged by ‘A’ on such goods was 18%. In May 2017, the rate was amended to 18.5%. What is the tax payable on return of such inward supply by ‘B’ to ‘A’? – Question 3 – Draft-Bills-Reports – Assessment and Audit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 3 – Q 3. A supplied goods to B in April 2017, these goods were returned by B to A on June 2017. The tax rate charged
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Question 1 – Draft-Bills-Reports – Assessment and Audit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 1 – Q 1. Who is the person responsible to make assessment of taxes payable und
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Question 23 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 23 – Q 23. What is the consequence of not filing
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Question 21 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 21 – Q 21. What all should a diligent taxpayer ensure for a hassle free compliance under GST? Ans. One of the most important things under GST will be timely uploading of the details of outward supplies in Form GSTR-1 by 10th of next month. How best this can be ensured will depend on the number of B2B invoices that the taxpayer issues. If the number is small, the taxpayer can upload all the information in one go. However, if the number of invoices is large, the invoices (or debit/ credit notes) should be uploaded on a regular basis. GSTN will allow regular uploading of invoices even on a real
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heir suppliers have uploaded invoices pertaining to them. The GSTN system will also provide the track record about the compliance level of a tax payer, especially about his track record in respect of timely uploading of his supply invoices giving details about the auto reversals that have happened for invoices issued by a supplier. The Common Portal of GST would have pan India data at one place which will enable valuable services to the taxpayers. Efforts are being made to make regular uploading of invoices as easy as possible and it is expected that an enabling ecosystem will develop towards this objective. Taxpayers should make efficient use of this ecosystem for easy and hassle free compliance under GST. – Statutory Provisions, Acts, Rul
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Is it compulsory for taxpayer to file return by himself? – Question 22 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST dated 21.9.2016 based on Draft Model GST –
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Question 19 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 19 – Q 19. If a return has been filed, how can it be revised if some changes are required to be made? Ans. In GST since the returns are built from details of individual transactions, there is no requirement for having a revised return. Any need to revise a return may arise due to the need to change a set of invoices or debit/ credit notes. Instead
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Question 20 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 20 – Q 20. How can taxpayers file their returns? Ans. Taxpayers will have various modes to file the statements and returns. Firstly, they can file their statement and returns directly on the Common Portal online. However, this may be tedious and time taking for taxpayers with large number of invoices. For such taxpayers, an offline utility will be
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Question 17 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 17 – Q 17. Who all need to file Annual Return? Ans. All taxpayers filing return in GSTR-1 to 3 other than casual taxpayers and taxpayers under composition scheme are required to file an annual return. Casual taxpayers, nonresident taxpayers, ISDs and persons authorized to deduct tax at source are not required to file annual return. – Statutory Pro
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Question 18 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 18 – Q 18. Is an Annual Return and a Final Return one and the same? Ans. No. Annual Return has to be filed by every registered taxable person paying tax as a normal or a compounding taxpayer. Final Return has to be filed only by those registered taxable persons who have applied for cancellation of registration. This has to be filed within three mo
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Question 15 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 15 – Q 15. Do Input Service Distributors (ISDs) need to file separate statement of outward and inward supplies with their return? Ans. No, the ISDs need to file only a return in GSTR-6 and the return has the details of credit received by them from the service provider and the credit distributed by them to the subsidiaries. Since their return itsel
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How does a taxpayer get the credit of the tax deducted at source on his behalf? Does he need to produce TDS certificate from the deductee to get the credit? – Question 16 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 16 – Q 16. How does a taxpayer get the credit of the tax deducted at source on his behalf? Does he need to produce TDS certificate from the deductee to get the credit? Ans. Under GST, the ded
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