ॐ असतो मा सद्गमय
Every registered person requesting for payment of tax on a provisional basis in
accordance with the provisions of Section 60(1) shall furnish an application along with the documents in support of his request, in FORM GST ASMT-01(in terms of Chapter XI- Assessment And Audit of the CGST Rules).
(ICAI FAQ PUBLICATIONS 06-09-2017 PROVISIONAL ASSESSMENT: FAQ NO. 6)
The consequences on concluding the provisional assessment by way of passing final assessment order would be as follows:
(a) Additional tax liability: In case of short remittance of taxes in terms of final
assessment order, the additional tax liability, if any should be remitted along with interest at the rate prescribed under Section 50(1) for delay in remittance of taxes viz., from the first day after the due date of remittance of taxes as prescribed under Section 39(7) till the date of actual payment;
(b) Excess remittance of tax on provisional basis: In case of excess remittance of taxes in terms of final assessment order, the registered person is entitled to refund of such excess remittance in the manner as provided in Section 54(8) along with interest as provided under Section 56.
(ICAI FAQ PUBLICATIONS 06-09-2017 PROVISIONAL ASSESSMENT: FAQ NO. 5)
The proper officer shall, within a period of six months from the date of communication of the provisional assessment order, pass the final assessment order after taking into account such information as may be required for finalizing the assessment. However, the time limit of six months can be further extended on sufficient cause being shown and for reasons to be recorded in writing in the following manner:
(a) by the Joint / Additional Commissioner for a further period of six months;
(b) by the Commissioner for such further period not exceeding four years.
(ICAI FAQ PUBLICATIONS 06-09-2017 PROVISIONAL ASSESSMENT: FAQ NO. 4)
The proper officer may allow for payment of tax on provisional basis subject to execution of bond in prescribed form along with surety / security as the proper officer may deem fit binding the taxable person for differential tax if any.
(ICAI FAQ PUBLICATIONS 06-09-2017 PROVISIONAL ASSESSMENT: FAQ NO. 3)
Yes, if the taxable person opts for self-assessment, he cannot opt for provisional assessment for the same period for same supply. However, he can opt for provisional assessment if he is unable to determine taxable value / tax liability/ (rate of tax) for any subsequent periods.
(ICAI FAQ PUBLICATIONS 06-09-2017 PROVISIONAL ASSESSMENT: FAQ NO. 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.
(ICAI FAQ PUBLICATIONS 06-09-2017 PROVISIONAL ASSESSMENT: FAQ NO. 1)
Yes, the Central/State Government shall maintain, or specify the authority who shall maintain proper and separate accounts and other relevant records in this regard.
(ICAI FAQ PUBLICATIONS 06-09-2017 UTILISATION OF FUND: FAQ NO. 36)
Yes, the fund can be utilised by the Central/ State Government for the welfare of the consumers.
(ICAI FAQ PUBLICATIONS 06-09-2017 UTILISATION OF FUND: FAQ NO. 35)
Yes, such amount can be invested by the Central/ State Government or the authorised persons.
(ICAI FAQ PUBLCIATIONS 06-09-2017 CONSUMER WELFARE FUNDS: FAQ NO. 34)
Yes, an amount of tax under Section 54(5) or 54(6) can be credited to fund account.
(ICAI FAQ PUBLICATIONS 06-09-2017 CONSUMER WELFARE FUND: FAQ NO. 33)