THE CENTRAL GOODS AND SERVICES TAX ACT, 2017
ASSESSMENT
Section 60: Provisional assessment. (Relevant Rule 98)
(1) Subject to the provisions of sub-section (2), where the taxable
person is unable to determine the value of goods or services or both or
determine the rate of tax applicable thereto, he may request the proper officer
in writing giving reasons for payment of tax on a provisional basis and the
proper officer shall pass an order, within a period not later than ninety days
from the date of receipt of such request, allowing payment of tax on
provisional basis at such rate or on such value as may be specified by him.
(2) The payment of tax on provisional basis may be allowed, if the taxable
person executes a bond in such form as may be prescribed, and with such surety
or security as the proper officer may deem fit, binding the taxable person for
payment of the difference between the amount of tax as may be finally assessed
and the amount of tax provisionally assessed.
(3) The proper officer shall, within a period not exceeding six months from the
date of the communication of the order issued under sub-section (1), pass the
final assessment order after taking into account such information as may be
required for finalizing the assessment:
Provided that the period specified in this sub-section may, on sufficient cause
being shown and for reasons to be recorded in writing, be extended by the Joint
Commissioner or Additional Commissioner for a further period not exceeding six
months and by the Commissioner for such further period not exceeding four
years.
(4) The
registered person shall be liable to pay interest on any tax payable on the
supply of goods or services or both under provisional assessment but not paid
on the due date specified under sub-section (7) of
section 39 or the rules made thereunder, at the rate specified under sub-section (1) of
section 50, from the
first day after the due date of payment of tax in respect of the said supply of
goods or services or both till the date of actual payment, whether such amount
is paid before or after the issuance of order for final assessment.
(5) Where
the registered person is entitled to a refund consequent to the order of final
assessment under sub-section (3), subject to the provisions of sub-section (8)
of section 54, interest shall be paid on such refund as provided in
section 56.