Goods and Services Tax – GST – By: – Priya Sharma – Dated:- 14-6-2017 Last Replied Date:- 30-12-1899 – Valuation of tax is also known as calculation of tax liability of an individual. When we discuss about the tax liability of an individual, it is basically the sum total of amount of tax that an individual is liable to pay during the period of taxation. The types of valuation of tax in the GST regime as per the GST rules and regulations in India is quite similar when we compare it to the ones in the current regime. Typically, there are two types of valuations- valuation done by an individual on his own, also known as self-valuation, and valuation made by the respective tax authorities. Valuation of tax by the tax authorities can be compris
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taxable as per the required GST rules and regulations in India is unable to assess the value of goods and services or find or find out the tax rate that is applicable for his offering, that individual can put forth a request to the officer to permit the disbursal of tax at provisional timelines. Once the officer passes an order giving the necessary permission to the individual, he/she can make the tax payment on provisional basis. The individual has to sign a bond and pay a certain security, also known as surety, as the respective officer deems fit. By signing the bond, the individual becomes obligated to pay the difference between the amount provisionally valuated and the final valuation. The officer must pass the order for final valuatio
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vidual, an officer will certainly valuate the tax liability of that individual to the best of the abilities. The relevant material that is available and what the officer is able to garner are some of the things that will be taken into account. The officer will then have to issue an assessment order within 5 years from the due date of filing the tax return. The assessment will be withdrawn if the individual is able to file the return within the first 30 days from the order. Valuation of unregistered individuals If an individual that is liable to pay taxes fails to complete the registration formalities despite the fact that he/she is responsible to do the same, an officer will evaluate the tax liability of an individual to the best of this ab
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