What is meant by self-assessment?

1. Under the GST regime, the responsibility to compute the correct output tax liability, eligible input tax credit and net tax liability lies with the assesse.
2. The assesse must determine the rate of tax, value of supply and the output tax payable.
3. The assesse must also decide the eligibility of input tax credit in respect of the various inward supplies.
4. The determination of turnover, rate of tax, value of supply, eligibility to input tax credit, reversal of input tax credit, etc. done by the assesse himself is called as self assessment.

(ICAI FAQ PUBLICATIONS 06-09-2017 RETURNS : FAQ NO. 29)