ॐ असतो मा सद्गमय
The applicant may file an application in FORM GST ASMT-08 for the release of the security furnished after issue of the final assessment order. The proper officer shall release the security furnished, after ensuring that the applicant has paid the amount specified in the final assessment order and issue an order in FORM GST ASMT–09 within a period of 7 working days from the date of the receipt of such application.
(ICAI FAQ PUBLICATIONS 06-09-2017 PROVISIONAL ASSESSMENT: FAQ NO. 11)
The proper officer shall issue a notice in FORM GST ASMT-06, calling for information and records required for finalization of assessment under Section 60(3) and shall issue a final assessment order, specifying the amount payable by the registered person or the amount refundable, if any, in FORM GST ASMT-07.
(ICAI FAQ PUBLICATIONS 06-09-2017 PROVISIONAL ASSESSMENT: FAQ NO. 10)
The registered person shall execute a bond in accordance with the provisions of Section 60(2) in FORM GST ASMT-05 along with a security in the form of a bank guarantee for an amount as determined by the proper officer in his order.
(ICAI FAQ PUBLICATIONS 06-09-2017 PROVISIONAL ASSESSMENT: FAQ NO. 9)
The proper officer shall issue an order in FORM GST ASMT-04 allowing the payment of tax on a provisional basis indicating the following:
(a) the value or the rate or both on the basis of which the assessment is to be allowed on a provisional basis
(b) the amount for which the bond is to be executed
(c) security to be furnished not exceeding twenty five per cent of the amount covered under the bond.
The “amount” shall include the amount of IGST, CGST, SGST, UTGST and cess
payable in respect of the transaction.
(ICAI FAQ PUBLICATIONS 06-09-2107 PROVISIONAL ASSESSMENT: FAQ NO. 8)
On receipt of the application, the proper officer may issue a notice in
FORM GST ASMT-02 requiring the registered person to furnish additional information or documents in support of his request and the applicant shall file a reply to the notice in FORM GST ASMT-03, and may appear in person before the said officer if he so desires.
(ICAI FAQ PUBLICATIONS 06-09-2017 PROVISIONAL ASSESSMENT: FAQ NO. 7)
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)